Discover the answers you seek from Hoffman Auctions

Frequently Asked Questions About Auctions, Real Estate, and Appraisals

We understand that you may have some burning questions, and we are here to provide you with the best answers. Don’t hesitate to reach out to us at 614-314-0298 or conveniently fill out our contact form for a prompt response.

For Sellers:

What do you charge?

We provide a free consultation to evaluate each potential auction. After agreeing to proceed, fees are discussed transparently. Typically, we charge between 15 to 35 percent commission plus expenses for labor and marketing, which is standard for our area. We also charge either a 10 or 15 percent buyer’s premium depending on the auction type. Additional fees, such as for dumpster rentals, portable toilets, signage, or security, may apply, and all costs are discussed upfront to keep sellers informed.

What types of items do you accept for auction?

Hoffman Auctions specializes in the sale of real estate and personal property at live and online auctions, including simulcast when needed. We routinely sell antiques, collectibles, furniture, tools, collector vehicles, farm equipment, and implements. Whether it’s real estate or any type of personal property, we offer tailored solutions to maximize the sale.

How do you determine the value of items?

With over two decades of experience selling a wide range of items, we have a strong understanding of current market conditions and prices. We offer formal appraisal services for a fee and free consultations to provide a general idea of an item’s worth before proceeding with an auction.

Do you offer appraisals?

Yes, we offer professional personal property appraisal services. While we are not licensed real estate appraisers, we can provide guidance on real estate comparables to help determine a range of values for real estate. If you’re exploring an auction, we also offer free consultations to give a general idea of the market value before proceeding.

How long does the auction process typically take?

The timeline depends on the type of auction:

  • Real Estate Auctions: Approximately 30 days from the contract signing date to the auction date. The buyer typically has 30 days from the auction date to close.
  • Personal Property Auctions: About 21 days from the contract signing date to the auction date, with settlement usually occurring within 10 days after the auction.

What do I need to provide for the auction?

Virtually nothing! Whether it’s an on-site auction or at a local auction facility, we have the necessary supplies to make your auction a success. If you choose to pack your own merchandise to save on labor expenses, we’ll be glad to show you how. Alternatively, at a nominal cost, we can pack your items and prepare your furniture for the auction.

However, for certain items, you may need to provide specific documentation:

  • Vehicles: Titles are required for all vehicles.
  • Other Items: Proof of ownership or documentation may be necessary for specific high-value or specialized items.

For on-site auctions, we’ll start early to set up. Furniture and boxed items will be staged for quick removal from the house, garage, or barn. Our auction crew typically includes a well-prepared cashier, one or two ringmen, and a capable clerk to record all items being sold.

Do you buy items or estates?

Yes! While we prefer to take items to auction, we understand that sometimes time is of the essence, and immediate cash is needed. In such situations, we may purchase individual items or entire estates when the opportunity is beneficial for everyone involved.

For Buyers:

How do I register to bid at an auction?

  • Live Auctions: Register during preview times, typically 1 to 2 hours before the auction begins. You’ll need to provide valid identification and contact information to receive a bidder number.
  • Online Auctions: Visit our website, create an account, and follow the registration instructions for the specific auction. You may need to provide payment information upfront.

What forms of identification are required to bid?

A valid government-issued photo ID (such as a driver’s license or passport) is required for live auctions. For online auctions, a verified account and payment information may be sufficient.

How do I place a bid?

  • In-Person: Raise your hand or bidder card to signal your bid during live auctions.
  • Online: Place bids directly on our auction platform by entering your bid amount and confirming it.
  • By Phone: Phone bidding may be arranged for certain auctions—contact us in advance to set it up.

Can I place absentee bids?

Yes, absentee bids allow you to participate without being present. You can submit your maximum bid in advance, and the auctioneer will bid on your behalf up to that limit.

What happens if I’m the winning bidder?

  • Payment: You’ll need to pay for the items according to the auction terms. For live auctions, payment is typically due immediately after the sale. For online auctions, your registered payment method may be charged automatically.
  • Pickup/Shipping: For live auctions, items must be picked up at the designated location within the specified timeframe. For online auctions, shipping or pickup details will be provided after the sale.

Are there any buyer’s premiums or fees associated with purchasing items?

Yes, most auctions include a buyer’s premium, typically 10 to 15 percent of the final sale price. This fee is disclosed in the auction terms and conditions.

How much do items typically sell for?

Sale prices depend on the item (car, truck, equipment, jewelry, etc.), its condition, appeal, and uniqueness. Competitive bidding also impacts prices, often depending on how much interest an item generates.

Can I inspect items before bidding?

Yes, most auctions allow for inspection of items before bidding begins. It’s important to thoroughly inspect items to ensure they are in the condition described and to identify any potential issues before bidding.

Are there any guarantees or warranties on items?

No, all items are sold in as-is, where-is condition with any and all faults. We strive to describe items accurately, but no guarantees or warranties are offered. Buyers are encouraged to inspect items before bidding.

What happens if I win an item at auction but change my mind?

Winning bidders are obligated to complete the purchase. Failure to do so may result in legal action or being banned from future auctions.

Additional Frequently Asked Questions:

How is an auction different from a tag sale or a garage sale?

At an auction, almost everything will be sold. An auction is a method of selling property of all types—real estate, antiques, household items, vehicles, and more—by verbal or written exchange, where the property is offered and sold to the highest bidder. Auctions employ open, enthusiastic, and competitive bidding to secure the highest possible market price for your merchandise.

In contrast, at a tag sale or garage sale, items are typically sold to the first interested party, often at prices that may be perceived as undervalued. Tag sales do not generate the competitive environment that drives higher bids as auctions do.

Get in Touch with Hoffman Auctions

Have questions or need more information about our auction and appraisal services? Fill out our contact form or reach out directly by calling 614-314-0298. We’re here to help you every step of the way. Don’t hesitate to get in touch!

One Company. One Call. We Sell It All.
(614) 314-0298