Welcome to Rivers West Auction, LLC

On behalf of Rivers West, I would like to thank you for considering attending one of our upcoming auctions. I believe you will be thrilled with the organization of the event and will find that our integrity and honesty will put you at ease during the entire sale.
Jason Clinkenbeard

More and more consumers are seeing the advantages of buying by the auction method.
In addition, consumers find auctions fun because they’re a rewarding activity for the whole family to enjoy. On average, consumers are willing to drive 1.3 hours to attend a live auction, with 75% bringing the family when they go.
Here are some of the others reasons why consumers love attending auctions:

• 83% think auctions are an exciting way to get good deals
• 51% think they offer a great value on items
• 65% think auctions offer exciting items they wouldn’t otherwise purchase
• 53% like the excitement of getting a good price

So what’s so special about auctions? And what’s the advantage of buying at auction? Well, there are plenty of advantages.

Speed of the Process. There’s no doubt that an auction is the fastest sales process around. It’s quick and efficient and that’s what makes it attractive. We sell a multitude of items in a short time.

• You Set Your Own Price and Establish a Value. You are in control at an auction. You decide when to bid and how much to bid – how high or low you want to go.
• Certainty of Knowing What You’re Getting. Auctioneers deal with a wide range of merchandise. They are educated professionals who know value and price.
• Opportunity for a Bargain. With the wide array of items up for bid, there’s always an opportunity to get a good deal. Sometimes it’s a matter of just wearing down those other bidders.
• Fun and Excitement. There’s no doubt that an auction is entertainment at its finest. Crowds of people competing for unique property, combined with that lively and rhythmic auction chant make for some great entertainment and fun. It’s an event the whole family can enjoy.
• Honesty of the Transaction. Auctions are very organized and the rules are straightforward. Auctioneers who are members of the National Auctioneers Association, as I am, are bound by a code of ethics that protects consumers against unfair auction practices.

Here are some basic tips you should know when attending an auction.

Show Up Early.  Arriving early will give you time to get familiar with your surroundings and, most importantly, it will give you time to preview the merchandise or items being sold. You can see the items close up and start planning for which items you will make bids.

Make Sure You Register. Anyone who bids must have a bidder number and this can only be secured through registering before the auction begins.

Be Prepared to Bid. Bidding is simple. But if you’re doing it for the first time, it can be intimidating. Here are some general guidelines:

• First, make sure you clearly understand the terms and conditions of the auction before making a bid (these will be included in the bidder packet you receive when you register).
• Listen closely to the auctioneer. The auctioneer will determine the increments of bidding. If you are having a bit of trouble understanding the auction chant, plan to listen for a few minutes and get a feel for it before you jump in and begin bidding.
• Be sure you make eye contact with the auctioneer when you bid.
• The process is fast – so if you wish to bid, quickly raise your hand or shout out loud.

Auction Answers

Are real estate auctions only for distressed property?
This is a major misconception about auctions. The fact is auctions are the primary sales method when selling valuable assets such as vintage vehicles, multi-million dollar homes, and priceless pieces of art.

What is the auctioneer really saying?
The auctioneer's chant is a sequence of increasing numbers and "filler words". The auctioneer’s chant is simply a statement followed by a question. For example: I have 5 dollars. Would you bid 10?

What is an "Absolute Auction"?
There are different types of auctions (i.e. Reserve, Minimum Bid, etc.). An "absolute auction" is an auction where the property is sold to the highest bidder. Unlike a reserve auction, there is not a reserve price that must be met to complete the auction sale.

What is an “Auction with a Reserve”?
A “reserve” auction means that a price has been set between the seller and the auctioneer that must be met to complete the sale. Reserves are often used to provide the seller with security that they receive at certain amount of money to meet their sale goal.

What does “Minimum Bid” mean?
Minimum bids are routinely used at auctions to provide prospective buyers with an initial price range of where bidding will begin. If an auction has a “minimum bid” of $50,000; prospective bidders will know that the auction will start with an opening bid of $50,000 and that the asset will not sell for anything less than $50,000. Often times, auctions are advertised with an “opening bid”, this should not be confused with a “minimum bid”. An “opening bid” simply means a price where the bidding opens.

Why sell at auction?
Auctions are the perfect answer when you need to accelerate the timeline for selling your assets. Auctions help reduce holding costs and determine the market price of an asset when the value is unknown or when comparable pricing is unavailable.

Am I required to have cash-on-hand at the auction?
Cash payment is not required at auctions. Auction companies accept multiple forms of payment: cash, check, or credit card. When attending real estate auctions, auction companies may at times require a specific down payment on-site in the form of a cashiers check to qualify as a bidder. Financing is available on auction day with many auction companies where lenders can qualify you for loans on-site. It is important that prospective bidders read all documents regarding the sale prior to auction day.

Can I inspect the property I am interested in bidding on before the auction?
We encourage you to view the property before auction day. Due diligence on the part of the bidder is important with auctions. Contact the auction company managing the auction and inquire about times when open houses will take place, as well as any paperwork available on the property. Auctioneers want you to feel comfortable on auction day. Always feel free to call and ask questions.

What is a ‘buyer’s premium’?
A ‘buyer’s premium’ is commonly used in auctions today as a form of payment for the auction company conducting the auction. The ‘buyer’s premium’ is an advertised percentage of the high bid or flat fee added on to the high bid to determine the total contract price to be paid by the buyer.

“If I scratch my nose or wave at a friend, will the auctioneer think I’m bidding?”
We hear this misconception a lot! In fact, to bid at an auction or for your bid to be received by the auctioneer, you typically need a bid paddle or bid card. You will receive this bid paddle or card at registration and it will have a number on it. This number allows the auction company to know who is bidding from their list of registered bidders. If you mistakenly bid or the auctioneer misinterprets your movement as a bid, immediately notify either the auctioneer or their staff.

Can I attend an auction and participate as a spectator and not bid?
Absolutely! We encourage people to explore auctions by attending one as a spectator. There is no better way to learn about auctions then to watch one firsthand.

Who’s the person yelling in the audience at an auction?
The person you see and hear working amongst the crowd of bidders is known as a ‘ringman’. This individual is part of the auction team and is an extension of the auctioneer. The job of the ‘ringman’ is to convey bids back to the auctioneer from the crowd. When bids are received in the crowd the ‘ringman’ will yelp to signal the auctioneer that they have received a bid and to increase the bid amount. These individuals are also there to help answer questions you may have while the auction is being conducted.

Aren’t auctioned properties sold at a discount?
This is one of the biggest misconceptions with auctions. The competitive bidding of an auction and the bidding of prospective bidders sets the price and market value of an asset. The item will not sell for more than the highest bid and will not sell for less than the high bid. You, the consumer, and other bidders determine the market value of an item when you buy at auction.

What does “As Is, Where Is” mean? One of the most common statements made at auction, “as is, where is” simply means the property is being sold without warranty and that there are no contingencies based on the status of the asset being sold. It is important that you inspect all auction properties before you bid, both real estate and personal property. Photos may not show all the details or potential faults with the asset and it is your job as a well informed bidder to thoroughly inspect and know what you are bidding on BEFORE the start of the auction. Once you bid and buy an asset at auction, you are the new owner.