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Personal Property Auction Contract - Blue Hound Auctions 2025

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The document is a Personal Property Auction Contract between a seller and Blue Hound Auctions, LLC. It outlines the agreement for the sale of personal and chattel property at a public auction, detailing responsibilities of both parties, commission fees, conditions for item withdrawal, and seller's assurances regarding title and encumbrances. The contract also specifies terms for payment of auction expenses and the handling of proceeds.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How to get out of an auction contract?

If its too late and youre already committed to an auction purchase you cant pay for, heres what you can do: Demand to get out of the auction contract based on proof that the auction house or seller misrepresented the item, and thats why you bid on it. Arrange short-term financing. Try taking the item back.

What percent do auction houses take?

As explained by The Loupe, auction houses charge a commission on top of the hammer price (the final bid price), which typically ranges from 20-25%. For example, if a watch sells for $10,000 at auction, the buyer will actually pay between $12,000 and $12,500 once the premium is added.

What is the 3-minute rule in auctions?

0:04 0:41 Our auctions feature something called the three-minute rule. This increases the length of an auctionMoreOur auctions feature something called the three-minute rule. This increases the length of an auction by three minutes. If someone places a bid in the last three minutes of an auction.

How do personal property auctions work?

Personal property auctions are events where various items owned by individuals are sold to the highest bidder. Unlike real estate auctions, which deal with property like houses and land, personal property auctions focus on movable items.

What is the auction sellers contract?

Auction contracts are agreements between a seller and a buyer, in which the seller agrees to sell an item or property for the highest bid and the buyer agrees to pay it. They also take place between the bidder and the auctioneer.

How much do auction houses charge the seller?

To cover the costs of making this magic happenthink employee salaries, marketing, rentwe charge a standard auction house commission. That commission typically falls between 20% and 35%, depending on the value of your item.

How do auctions work for the seller?

Once an item is placed for sale, the auctioneer will start at a relatively low price to attract a large number of bidders. The price increases each time someone makes a new, higher bid until finally, no other bidders are willing to offer more than the most recent bid, and the highest bidder takes the item.

Personal Property Auction Contract - Blue Hound Auctions 2025

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