When is an appraisal needed?
- Insurance policies or riders to a policy sometime require a professionally written Appraisal Report to properly insure a collection for its true value.
- In the aftermath of a disaster such as hurricane, flood, or fire, a professional appraiser of personal property can assist in recovering payment for lost assets.
- In the event of divorce, an appraisal of marital property can provide a level playing field for both parties and the attorneys involved.
- For the liquidation or transfer of personal property through private sales, tax-deductible donations, or probate issues, a professionally prepared appraisal report is useful and, in many cases, an actual requirement.
If I need to sell the contents of my parents’ home, what is the best method?
Cotton & Associates Auctions & Realty, LLC offers free consultations to discuss the options available based of the issues present in each situation.
How do I compare companies to ensure that I receive ethical, reliable service?
- Professional training of the principles
- Membership and code of ethics required of the principles
- The variety of services offered by the company
- Fee structure for services and follow-up after the sale
Do auctioneers receive continuing education in their profession?
In addition to meeting all the state requirements for the states in which they are licensed, the auctioneers at Cotton & Associates Auctions & Realty, LLC maintain membership in professional organizations and receive continuing professional education and training.
If I need assistance with estate liquidation outside the Pensacola area, can Cotton & Associates Auctions & Realty, LLC provide that service?
The company can assist with professional services in any location. The principles of the company could travel to any location for consultation or through the national network could confidently recommend professionals in any part of the United States.
What forms of payments do you accept at your auctions?
Cotton & Associates Auctions & Realty, LLC accepts cash, Cashier’s Check, credit cards and wire transfers.
When am I required to make payment for items that I have purchased?
All items must be paid in full by 4:00 p.m. the day after the auction. Failure to do so could result in loss of the specific items.
When do items purchased have to be removed?
The removal time varies depending on the items auctioned. Removal usually takes place the day following the auction from 9:00 AM until 4:00 PM. The removal schedule will be published in the terms and conditions of the sale.
What are the terms of sale?
The terms and conditions of the sale include payment details, sales tax information, bidder premium, removal process, and other procedures.
When are items available for inspection?
Items included in the auction can be inspected during the scheduled inspection time, prior to the last day of the online auction and at other times as scheduled by the auction company.
Is sales tax collected?
All sales are subject to the sales tax requirements of the state and specific county. Any applicable Dealer’s Resales Tax Certificate is required to be submitted to the Auction Company prior to the end of auction.
What is required to register as a bidder for the auction?
Registration is completed online prior to bidding on items in the catalog. Online auctions require bidder registration that includes verification of credit card used to register.
How do I know how much to bid on an item?
If possible, attend the scheduled preview day to thoroughly inspect the items of interest. Read the description of those items and ask the auction company about any details that are not included in the description.
If I cannot attend the auction, how can I bid on items?
Most auctions conducted by Cotton & Associates will be online auctions so bidders my bid from any location using the tablet or cell phone.
Are consignments accepted in the auctions?
If you have items to sell (personal property or real estate), Cotton & Associates Auctions & Realty, LLC will make every effort to assist you. Please email your request to [email protected] with your contact information. Describe the items you are interested in selling and a representative of the auction company will contact you, usually within 24 hours of receipt of your email.
What is a Buyer’s Premium?
The Buyer’s Premium is a sur-charge (percentage) added to the high bid which will determine the total price to be paid by the buyer. For example, if an item sells for $100.00, $15.00 (15%) will be added as the Buyer’s Premium plus the applicable sales tax.
What happens if I win the bid on an item but no longer want it?
All sales are final. If you are the successful winning bidder and the auctioneer indicates that the item has been “sold”, then you are contractually required to pay in full for each item that you have purchased. By registering you are agreeing to the terms and conditions of the auction.
What if I need to have my items shipped?
It is the buyer’s responsibility to make all necessary removal arrangements for items purchased at auction. All items requiring specialized removal, transport or shipping are the sole responsibility of the buyer “not” the auction company.
Usually, the auction company can assist by providing information about vendors for those services.
What is a webcast (live and online) Auction?
Some auctions may be conducted as a simulcast or webcast auction where the items are sold to bidders physically onsite or to bidders bidding online. The auction is conducted in real-time so that the online bidders are competing with the bidders who are onsite. During the simulcast (webcast) auction, neither the onsite nor the online bidders have any distinct advantage in terms of the bidding process.