Harris Wilcox, Inc.Harris Wilcox, Inc.
Auctioneers, Realtors & Appraisers

Information for Sellers

Why Have an Auction?
An auction is a tried and true method, a centuries old concept. Auctions are becoming the first choice for all sellers and not just those who need to sell quickly. It is an efficient way to liquidate goods, effectively completed in one day. Because of competitive bidding, interested buyers will generate high prices. The auction method is desirable, since auctions quickly and effectively establish true market value at the most competitive prices available.

Auction Advantages for Seller
The key advantages to the Seller of auction property:
  • In most cases no commission is paid to seller of the real estate. A 10% premium is paid by the buyer based on the accepted high bid. The high bid plus the premium equals the total purchase price.
  • Property is SOLD "As Is"
  • Property is SOLD non-contingent
  • Property is SOLD on a specific date
  • Property is SOLD with no lengthy negotiations
  • Property is typically CLOSED within 6 weeks

Auction Services
Harris Wilcox, Inc. is a full service auction company. We liquidate all forms of goods including: real estate, antiques, household contents, farm equipment, heavy machinery, business liquidations, vehicles, produce, tools, lumber, nursery stock, etc.

Free consultation: We will come and give you our honest opinion.

Real Estate Commissions: In most cases seller pays no commission on real estate.

Fees: Apply to sales containing contents. These fees are determined on a per sale basis. We are competitive and will negotiate the best deal to suit your needs.

Advertising: We prepare an advertising schedule that is approved by the seller. We pass on our "contract rates" to make it affordable for you.

Sales Manager: Our crew will do all pre-sale prep work (sort, box, lot, and tag).

Sale day: Our crew will do all the work. We provide the setup and take-down crew, cashiers, auctioneers.

Proceeds: A receipt stating the gross sale is given to the seller at the end of sale day. Net proceeds and an itemized list of auctioned items are sent out approximately one week from sale day.

Auction Criteria
  • Low loan to value ratio (50% or more equity in property)
  • Motivated Seller

What Is The Process?
Our real estate auction specialists will meet with you and evaluate your property and your situation. This evaluation is free of charge and will give you an indication of what our expectation of the auction value of your property would be.

If you decide to pursue the auction method a listing contract will be signed and a sale date and open houses dates scheduled. All of the necessary documents will be generated by Harris Wilcox, Inc. and then forwarded to your legal counsel for immediate review.

After an auction is scheduled and prior to sale day, our crew arrives to prep for the sale. If personal property is also sold at the auction, they will be sorted, grouped and boxed according to value and category. On sale day, the crew will move the prepared box lots and furniture outside to be placed in rows. Sorted items considered antique and/or collectible are arranged on tables for viewing. Our crew has the boxes, does all preparation, utilizes cargo trailers for storage when appropriate. All sale lots are tagged with numbers.

In case of inclement weather, plastic is placed under and over items for protection, or we may utilize outbuildings, garages, carports, etc. Occasionally a tent may be used is available through Sterling Tent Company.

Before the auction, the "auction public" sign up for numbered bidding cards. They register at no charge by showing a form of identification to verify name, address and phone number. They purchase by raising their bidding card. A clerk is provided to record the sales as the items are being offered for bid. The auctioneer will "knock down" the item to the successful buyer and a clerk records the price, bidder number, lot number of the sale item or items with a brief description. The cashier issues an itemized receipt to the buyer for payment.

Harris Wilcox, Inc., has a portable office trailer to transact the sale business. When the area will not accommodate the office trailer, the house, porch, garage or out building may be utilized by the cashier.

When the sale is completed, left over items will be gathered by the crew and placed in a designated location for the consignor's disposal. Harris Wilcox, Inc. is not responsible for any janitorial cleaning of the premises. A port-a-john is provided for the public. A lunch wagon provides hot coffee, soda, sandwiches, etc. for purchase.

How Do I Get Paid?
All checks will be made payable to Harris Wilcox, Inc. A receipt stating the gross sale is given to the seller (consignor) at the end of the sale. A net proceeds check and itemized list of auctioned items are sent out approximately one week from the sale day, unless otherwise decided. In most cases we guarantee checks.

Harris Wilcox, Inc. will collect the appropriate sales tax on the items sold and will report and send payment to the state.
There is no sales tax liability to you the consignor.

Basic Marketing Strategy Includes:
  • Advertising schedule prepared using local and outlying media publications
  • Auction announced in our weekly publication called "The Wilcox Report" (avg. 1,000 readers).
  • Property listed in the MLS (Rochester Multiple Listing System) offering the property to all cooperating brokers.
  • Large visible sign placed on the property announcing the sale, date, time & open houses.
  • All auctions are put on our website, www.harriswilcox.com, with pictures, maps and pertinent information about the property at no charge.
  • All auctions announced using social media (facebook & twitter).
  • Two open houses are held (each 2 hrs. long) allowing us to meet with prospective buyers and pre-qualify them prior to sale day for a mortgage if needed.

Note: All auction properties are unique. Each situation and each seller are unique. Therefore, specific terms, conditions and the marketing process will be tailored to your property and situations.

Advertising Costs:
Harris Wilcox, Inc. is responsible for placing the advertising. With your approval, the local newspapers and penny-savers are selected to best promote the auction in relation to the type of goods to be sold.

The advertising cost to the consignor is exactly what Harris Wilcox, Inc. is charged. Since we have contracts with most of the major and local newspapers, our costs are much lower than a single ad would cost an individual and the savings are passed on to you (the consignor). We strive to use your advertising dollars to their best advantage.

Sellers Obligations
In most cases the only expense due to Harris Wilcox, Inc. is the advertising expense. An estimate of the advertising expense is given at the time the sale is booked. Advertising expenses are paid at the time of closing on the real estate unless otherwise agreed upon. If contents are sold the day of the sale then the advertising expenses will be deducted from that portion of the sale unless otherwise agreed upon.

Real Estate Closing Costs associated with a seller are:
  • Attorney's Fees
  • Abstract (re-date or update)
  • Instruments Survey
  • Transfer tax
  • Well & Septic Inspection (only when required by Town or County)
  • Advertising Expenses

What Do I Do to Arrange an Auction or get more information?
Call us anytime for a no-obligation consultation at (585) 494-1880. When you call be ready to answer the following questions:
  • Where is the property located?
  • What is your timeframe?
  • Do you have 50% or more equity in property?
  • Is this an estate sale?
  • Do you want to sell personal property on sale day?

An appointment will be made with you to:
  • Walk through the house and/or building(s), etc. to determine sale contents, decide on the feasibility (enough contents to conduct an auction) and compile an ad list.
  • Determine a sale date.
  • Fill out an auction listing agreement.
  • Discuss sale commissions and fees which are determined on a per sale basis. We are competitive and will negotiate the best deal to suit your needs.
  • Decide where the appropriate advertising should be placed.

Note: Our goal is to serve your interests and ultimately to conduct a successful sale.
One of the best assets a company can have is a "satisfied customer".