Thompson's Auction Service, LLC

Questions and Answers

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Here are some answers to our most frequently asked questions. If your question is not answered here please contact us directly and we will be glad give you the answer.

  • Question: A loved one has recently passed away. Should we have an estate sale or an auction?
  • Answer: Ultimitely the decision is yours but we understand how overwhelming a situation like this can be for a grieving family. The drawbacks to estate sales can be all the time involved, sitting around for 2 or 3 days dealing with people trying to drive your prices down, and then what to do with all that is left over after the sale. With an auction everything is taken care of by our staff. The advertising, the setup, the sale, the cleanup and the final accounting. All that's left is to cash your check.
  • Question: How much is this going to cost me?
  • Answer: Normally our commission is based on what you are selling and how much labor will be involved in sale preparation. Our sliding scale ranges from 6% to 35% and usually averages about 20%. The better merchandise you provide the lower the commission. General household merchandise and what we call just stuff is 25%,         
  •  Question: Will I have to pay any costs up front or prior to the sale?
  • Answer: No, we will pay all up front costs. This includes advertising, possible restroom facility rental and any other permit or miscellaneous costs. Any cost to you will be negotiated prior to the sale and will be offset by sale proceeds. You will have no out of pocket expenses.
  • Question: I don't have room for an auction at my home, can we do the sale someplace else?
  • Answer: Yes, we have a 2 acre property with a 4,000sf building which has heating and air conditioning for your comfort.
  • Question: When will I get my money after the sale?
  • Answer: Normally sale proceeds are distributed on the 5th business day following the sale. Exceptions are made on a case by case basis.
  • Question: Can I place reserve prices on certain items?
  • Answer: On special items of significant value reserve prices are allowed and sometimes encouraged. However, each item that sells is subject to commission including "buy backs".
  • Question: How much time is needed to prepare for a sale?
  • Answer: We like to have at least 2 weeks notice to advertise properly and make any special arrangements needed for the sale. This is minimum and usually the more time we have to prepare the better your results will be. Real Estate sales require more time to prepare, normally a 6 week minimum.
  • Question: How do I buy a house at auction?
  • Answer: Simply show up, register to bid and be the last and highest bidder. Of course, the sale is subject to the seller accepting the high bid. Also, be prepared to pay, as a non-refundable deposit, 10% of the sale price on auction day with the balance due at closing, normally within 30 days.
  • Question: Can I see the property prior to the auction?
  • Answer: Yes, all you have to do is call Mary and she will arrange a convenient time for you to preview the property.
  • Question: Why is the 10% deposit non-refundable?
  • Answer: Purchasing a home or property is a very serious matter. We go through several lengthly and costly steps to prepare for the sale of any property. We do all this at our expense. If we were to go through all the effort only to have a buyer back out after the sale we would have to repeat all the effort, again, at our expense.

Thompson's Auction Service, LLC *
2388 W. Hwy 62 * Blanchard * USA * 73010
Phone: (405) 630-4631 Fax: (405) 485-2373