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Buyers Information

National Commercial Auctioneers auctions all types of commercial property throughout the country. Whether it is a vacant office building, an underperforming hospitality property, a tenant-occupied industrial complex or an inventory of surplus equipment, NCA sells it all!

To find out about our upcoming auctions, please be sure to sign up for our Auction Alerts. We also invite you to "Like Us" on Facebook and connect with us on LinkedIn to be one of the first to know about our upcoming auction events.

If you have a question about one of our upcoming commercial real estate or equipment auctions, please call us at 877-895-7077 or email us at info@natcomauctions.com.

Real Estate FAQ

What is a real estate auction?
A real estate auction is a way to buy and sell real estate, through an accelerated sale process, by means of an auctioneer.

Do real estate auctions depress values?
Not at all! Real estate auctions reveal the true market value of a property because auctions are conducted in an open forum where all bids are known, and participants are given immediate feedback on the property's value. At auction, values settle at the level the market can bear, neither elevated nor deflated.

What do I need to do to bid at a real estate auction?
Always read the published Terms & Conditions for the Auction and speak with the Project Manager responsible for the auction to make sure you know what you need to bid at a real estate auction. Carefully review the Property Information Package and complete any further due diligence that is important to you. If you have any concerns about the property, seek out professional advice. Ask any last minute questions prior to the start of the auction. Bring the required deposit to the auction and be prepared to sign the Purchase & Sale Agreement if you are the high bidder.

How do I register for the auction?
On auction day, prospective buyers register for a bidder number by showing a valid driver's license and filling out some simple information. The registration period usually begins from 30 minutes to 2 hours before the scheduled auction time. There is no fee to register at the auction. You can also get all last minute questions answered by our helpful staff of bid assistants.

Do I get a good title?
Yes. Properties are transferred by deed prepared by seller (i.e. Special, Bargain and Sale, Quit Claim, U.S. Marshal's, Trustee's, etc.) with insurable title as determined by the title/closing company indicated on the contracts, which also prepares and issues a customary owner's title insurance policy. Current year's property taxes are pro-rated through day of closing as customary.

Can I use my own title company?
With some transactions, you can select your own title company and other transactions require the use of a specified closing company.

Can I use bank financing?
Yes. However, there are no contingencies (i.e. financing, appraisal or inspection) to these sales, so you should be pre-qualified by a lender as to the amount you can afford to spend for a property being sold for cash "As Is - Where Is" and make sure you can close within the require closing period.

What does it mean to buy the property in "as is" condition?
Buyers purchase the properties with no guarantees in regard to the condition of the properties. However, we do our best to provide as much information about each property that we can to assist you in your due diligence. Buyers should always rely entirely on their own information, judgment, and their own inspection of the properties prior to bidding.

Is there additional information on auction properties?
Property Information Packages (PIPs) are available on the property page for the property and help the interested bidders begin their due diligence process. In some cases a Confidentiality & Non-Reliance Agreement must be signed prior to receiving the property information. The PIPs often include terms, deeds, general information, tax maps, assessor's cards, Purchase & Sale Agreements, etc. Please remember properties are sold "As Is - Where Is" and should be fully inspected prior to bidding.

Why is the property being sold at auction instead of using the traditional listing method?
Sellers' of properties have chosen the auction in order to sell their properties in an expedient and timely manner. Part of their reasoning includes the holding costs to maintain the properties (e.g., real estate taxes, insurance, association dues, the cost of money, etc.). With these sales, both the buyers and the sellers should be pleased. The Buyer(s) should be able to obtain these properties at a very reasonable price.

If I can't be present at the auction can someone bid for me? Can I bid by telephone?
Yes. You may appoint a representative (by signing a Power of Attorney) to bid on your behalf. Often times NCA offers live remote bidding by telephone through an auction representative or has live Internet bidding capabilities. Some auctions require you to be present to bid so please check the Terms & Conditions.

What is a Buyer's Premium?
A Buyer's Premium is a percentage that is added to the bid price to determine the total purchase price. For Example: Assume there is a 10% Buyer's Premium. If you bid $750,000 on a property, then the total purchase price would be $825,000 ($750,000 plus $75,000 Buyer's Premium).

How do I preview auction properties and perform a property inspection?
Most of our properties are open for inspection prior to the auction date and one hour prior to the scheduled auction time. Please feel free to bring your consultants to the preview. The dates and times will be listed on the property page on our website.

Can I use the services of a real estate broker to assist me?
Broker Participation is welcomed at most of our auctions. They must register at least 24 hour prior to the sale. Forms are available online with specific terms for that Property.

What is "High Bidder's Choice?
Properties that are similar (such as office condominiums or residential lots) may be sold using the high bidder's choice method. The high bidder or winning bidder may select from all of the lots in the group, and choose more than one. Of course, if the bidder chooses three lots, the bid is multiplied by three. In order to have the opportunity to choose your lot, you must compete and become the winner.

What is a Multi-Par Auction?
Properties are sometimes split and offered in individual tracts, any combination of tracts and as a total property. There will be open bidding on each individual tract, followed by tract combinations and the whole property as determined by the Auctioneer. Bids on the tracts and the total property may compete until all offers are extended and the auctioneer closes the auction.

What are the Terms and Conditions of the sale?
The Terms and Conditions govern the sale. They include information such as the required deposit amount, when the sale of the property will close, and other key facts. You should familiarize yourself with these prior to the auction. Summaries of the Terms and Conditions are available within the Property Information Package. You should note that at an auction sale, any announcements made by the auctioneer on the day of sale take precedence over previously published or verbally conveyed terms and conditions.

What about the title? Will I buy a property with unpaid back taxes or liens?
Most auction properties are sold with good, insurable title and no liens, judgments, mortgages, or back taxes. If the title cannot be cleared, the deposit is refunded to the Buyer; however, buyers must refer to the terms for each auction before bidding. If the property is being sold subject to outstanding taxes, then that disclosure will be made by the auctioneer prior to the start of the auction.

How is the property transferred to me?
Generally, a property is conveyed by Warranty Deed, free and clear of liens and encumbrances (except for foreclosures where the buyer would be responsible for all outstanding real estate taxes, municipal liens, etc.). See the Terms and Conditions of the particular auction for specifics. Closing costs are primarily governed by the state in which the property is located.

Equipment FAQ

Is there a charge for using the equipment online only auction service?
There is no charge to register for an auction. Our Fees are only charged to winning buyers.

Why do I need to register?
It lets you bid on the assets in the auction. Each event has specific terms and conditions of sale which must be accepted. Additionally, the registration provides us contact information necessary to qualify you as a bidder.

Is there a FEE to register?
NO, there is no fee to register; however, we do authorize your credit/debit card for $1.00 to assure you have a valid credit/debit card. The $1.00 authorization is similar to a hotel authorization. The authorization expires after the conclusion of the event but may show on your statement for up to 30 days based on your cards issuer.

Why do I need a credit card to register?
Credit cards are required to be registered so we can guaranteed payment if you make purchases.

Is my information safe?
Yes. All personal information is strictly confidential, and will not be disclosed to any third party without your consent. It is kept secure and in confidence per our privacy policy.

Once I register what's next?
You are ready to bid on all events. You will be prompted to confirm your registration for each event including acknowledgement that you have read and agree to the specific terms for that sale.

Can I preview an item in person?
All Items listed in our auctions will be available for preview/ inspection previous to the auction date. You can find the inspection time, date, and location listed within each items description. We recommend all bidders attend a preview to personally inspect the equipment.

Am I bidding on the photo or the description of the item?
Always bid on the item description. Only use the photographs as a guide. For demonstration purposes, equipment may be joined and photographed together. Do not assume a lot consists of more than one item simply because they are connected or pictured together. You are bidding on the item as described in the catalog. For instance, a supply cabinet does not include supplies unless specified. However, if there is a material discrepancy between the published description and actual condition of the equipment, NCA shall make its best effort to resolve the error. If a buyer believes the published description was not correct, and the situation can not be resolved, NCA reserves the right to cancel a transaction, refund the buyer their money with no further liability between NCA, the buyer and the seller.

Can I submit a bid offline?
For all online only auctions,only online bids can be made. In some instances a live auction will be performed with online participation in which bids at the auction location will be accepted. We do not accept written, oral, email or telephone bids.

How do I know if an item has ended?
Refer to the bidder page of the item you are interested in and refresh your computer often.

How do I know if I am the high bidder?
Upon completion of the online auction, NCA will send you an invoice. Your credit card will be processed if the amount and you will be contacted by our office to make arrangements for payment.

Can I cancel my bid?
No. By bidding you are representing to National Commercial Auctioneers and the seller that you have read and agree to be bound by the terms and conditions for this sale. If you do not agree with any of the terms and conditions, DO NOT BID as you will be bound by those terms and conditions.

Can I have another person place a bid for me?
For security reasons, your legal representative and/or your agent are the only persons allowed to place bids on your behalf. If a representative is bidding on your behalf s/he must have an original Power of Attorney (POA) or Attorney in Fact in place at the time of the auction. The Power of Attorney (POA) must be returned with the contract.

How do I know if my bid was accepted by the auctioneer?
We recommend you start bidding as soon as the auction begins. The bid page will show the high bidder with each new bid. Refresh your bid page often to see the latest bids and remaining time. We recommend that you utilize the maximum bid feature. This feature enables the system to bid up to the maximum bid amount you enter and no more.

What forms of payment do you accept at the auction?
We accept Visa, MC, Discover, echeck and wire transfer.

What is a bank letter of credit?
A bank letter of credit is a document provided by your financial institution that guarantees you have funds available in your account to make purchases via check at auction.

When am I required to make payment for items that I have purchased?
All items must be paid for in full on sale day or within 24 hours of the end of an auction.

How long do I have to remove items that I have purchased?
We will make every effort to give you ample amount of time to remove your equipment. The removal timeframe generally ranges from five to seven days after full payment has been received by National Commercial Auctioneers. A removal schedule will be in the sale terms. If you need more time to rig and remove your equipment we will try to work with our client or removal supervisor to accommodate your needs. Occasionally, due to issues beyond our control the timeframe for removal may be very limited. If there is a limited timeframe for removal we try to post the information within our brochures and on our web site.

Do you charge sales tax at your auctions?
All applicable state, county and city sales taxes apply at our auctions. If you will be reselling the items that you purchase please fax a copy of your tax exemption certificate 918-895-7076.

What is a buyer's premium?
The buyer's premium is an advertised percentage added to the high bid to determine the total price to be paid by the buyer. A 15% buyer's premium will be added to each online purchase unless noted otherwise. If the high bid is $100.00 the charge will be $115.00.

What is an overtime period for the end time of the Online Only Auction?
If a bid is placed within five (5) minutes of the close of bidding, then another five (5) minute period commences from the time of the last bid until no bids are placed within the next five (5) minutes. The last bid shall be made final. The Auctioneer reserves the right to shorten or extend the overtime period.

Why did I not win the property although it sold for my maximum bid?
While this is extremely rare, this will happen if another bidder places the same bid but earlier in the auction. Additionally, the sale will be controlled by the auctioneer. The auctioneer reserves the right to regulate bidding and accept or reject any or all bids. Any and all decisions of the auctioneer regarding the order and conduct of the auction shall be the final and absolute without liability to any party.

Is there a warranty for any items purchased?
All merchandise is sold "as is, where is". There are no warranties expressed or implied and no guarantees unless provided for in the terms of the sale. All sales are final. Please inspect items when available and bid accordingly.

What happens if I am the high bidder for an online auction?
You will be notified you were the winning bidder. You will need to immediately pay for your purchases. When you registered to bid online, you had to provide your credit card. At the conclusion of the auction, if your total purchases are less than $2,500, we will immediately charge your credit card for your total purchases, including the buyers premium and applicable sales taxes and email you a receipt documenting your purchases. If your purchase is greater than $10,000, we ask that you take advantage of our wire transfer option. If your payment is not made immediately, we will contact you to coordinate payment within 24 hours of the close of the auction. We will accept payment by credit card, cash, cashier's check, and/or wire transfer to National Commercial Auctioneers, LLC. . Payments can be hand delivered or sent overnight to National Commercial Auctioneers, LLC, 7715 E. 111th Street South, Suite 114, Tulsa, OK 74133 Office (918) 895-7077. Payment will not be accepted at the location of the equipment unless pre-approved by NCA. Personal or company checks must be accompanied by a bank letter of credit guaranteeing payment. Bank drafts will not be accepted. NCA reserves the right to put a hold on removal of any equipment paid by check or credit card until cleared into NCA's Trust Account.

What If I still have questions?
We understand that not every question can be answered in this format. Some questions require answers beyond what we can provide in a FAQ. If you have a question that is not answered here, please contact National Commercia Auctioneers at 877-895-7077 if you have any questions about the assets being sold and contact Proxibid customer service team at 877-707-7770 if you have any questions about registering and bidding online.