SELLER FAQS - COMMERCIAL/BUSINESS LIQUIDATIONS
You’ve Got Questions–We’ve Got Answers
IS THE AUCTION METHOD ONLY USED IN DISTRESS SITUATIONS?
Absolutely not! Smart sellers make it a 1st choice and auctions are no longer considered a last resort. While a percentage of auctions are still held due to bankruptcy and other financial emergencies, the auction method has been found to perform as well and even better in non-distressed situations due to the excitement of competitive bidding.
HOW LONG DOES IT TAKE TO CONDUCT THE AUCTION? A TIMELINE?
Auctions vary according to how much you have to sell. Most online auctions are posted to our website for 1-2 weeks to 30 days. When the auction actually closes/ends we generally close 2-5 items per minute.
HOW SOON CAN WE HAVE THE AUCTION?
To ensure the auction date you want, the sooner the better. We recommend 3-4 weeks in advance.
WHAT HAPPENS TO THE ITEMS THAT DON'T SELL AT AUCTION?
Very little if anything is ever ‘left over’ after an auction. If there are items that don’t sell, we can contract to take them away for trash or donation, leaving you with a “broom-swept” facility.
HOW SOON CAN MY FACILITY BE EMPTIED?
Most facilities require only one day for pick up and can be emptied within a few days after an auction closes. Depending upon the number of items in the sale as well as the logistics of the items (Is dismantling required? Does plumbing or electric need to be disconnected? Will rigging be required?) will determine the time it takes to empty the facility. For large-scale auctions requiring multiple days for buyers to pick up items, we ask for 1-2 weeks after the end of the auction.
ARE AUCTION SALES CONTINGENT ON INSPECTION?
All of our sales are on an “As-Is” basis. There are no warranties as to the condition and/or the fitness of the property for a particular use. We encourage our buyers to do their due diligence and inspect all items prior to the close of an auction for their own protection.
HOW SOON CAN I BE PAID?
We usually have a check for our sellers within 15 business days after the auction. You will also receive a complete auction settlement packet including an itemization of sales, commission, and expenses (i.e. advertising, labor, misc.).
DO YOU SELL REAL ESTATE AT AUCTION?
The short answer is YES! Gooch Auction Group has been selling real estate at auction for over 20 years! There are many advantages to a real estate auction:
As is: Properties sell as-is with no contingencies. You don't pay any closing costs, inspections, or repairs.
No risk: You can set the minimum price you are willing to accept so if we don't reach your price you are not obligated to sell.
Marketing and exposure
If a traditional brokerage sale is preferred we do that too! Rony Jo Ballou is not only the Principal Auctioneer of Gooch Auction Group, she is also the Real Estate Broker/Owner of Power House Realty.