Frequently Asked Questions
What is the Buyer's Premium?
The buyer's premium is a service charge that is added to the high bid for our public auctions. This fee varies, depending on the specific auction and terms, but will always be listed in the auction terms, both on our website and in any pre-auction advertisements. In this regard, buyers pay our fee not the sellers.
What is an absolute auction?
An absolute auction is a public auction without a reserve or minimum. This means that the property, once the auction begins, will be sold that day, regardless of price. Foreclosures cannot be absolute.
How can I be sure that I am getting a fair price?
The only genuine measure of value of real estate is what someone else is willing to pay for it. An appraisal is merely an informed opinion. It is not an offer to buy. The real measure of value of real estate, at any given time, is what it will bring under competitive bidding from informed and motivated buyers. The auction process is the one and only way to ensure proper competition and therefore designate a TRUE value.
What types of payments are accepted?
We accept cash, cashier checks and credit cards
What is an internet-only auction?
An internet-only auction is a place where Sellers sell items in an online atmosphere. Internet-only events contain the same components (items, seller, bidder, price, quantity) as a traditional live auction; of course online events are done via the computer and the internet. At the scheduled time, items start closing in catalog order.
Can I submit a bid offline?
No. Only online bids can be made. We do not accept written, oral, email or telephone bids
Am I notified if I am outbid?
If you have been outbid you will be notified by email until midnight the day of the event. Please note that outbid notices are not sent on the day of the event closing. To quickly review your bids and see if you have won you can utilize the 'review bids' feature. Enter your Bidder Number and Password then "review bids" Items that they have been outbid on will be clearly marked. Also, on some email accounts, you might want to check the SPAM or JUNK folder to see if your email from Restaurant Auction Company is there.
How do I get the best price or value for an item?
You have heard the slogan “an educated consumer is our best customer?” The same is true for online only auctions. Please take the time to attend the preview. Bidders who fully appreciate the quality and condition of the items get the best deals. We get some very nice items to sell, and we want you to get a great deal!
Should I bid while the auction is closing?
Many of our bidders begin bidding actively as items are closing. Internet only auctions can be more exciting than live auctions, because 3-15 items are closing simultaneously. However, to assure you do not get caught up in the frenzy of last minute bidding, we strongly recommend that you consider using the MaxBid feature. Just enter your maximum price. No matter how many items are closing, MaxBid will bid on your behalf - using only what it needs to keep you the 'winner'.
Am I bidding on the photo or the description of the item?
Always bid on the item description. Only use the photographs as a guide. For demonstration purposes, equipment may be joined and photographed together. Do not assume a lot consists of more than one item simply because they are connected or pictured together. You are bidding on the item as described in the catalog. For instance, a supply cabinet does not include supplies unless specified. Please take advantage of the onsite inspection and read the descriptions.