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Auction Information:

 

  • Can I view the contents prior to an auction?  

    • For live auctions, lots will be set up and available to preview before bidding begins. To view large machinery, cars, and real estate before the auction please contact Brent Croom to coordinate a time. 

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  • How do I bid?  

    • At live auctions, you can pre-register on our website or register the day of the auction. You will be given a card with a bidder number on it. This will identify you to the auctioneer when you bid.  

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  • What is a buyer’s premium?  

    • A buyer's premium is a percentage of the sale that a buyer has to pay to the auction company after winning an item. Top Tier Auctions, LLC does not believe in charging a buyer's premium so you can spend more on auction items than worrying about paying a fee.  

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  • What is a reserve?  

    • A reserve is a minimum price a seller is willing to accept for an item sold at an auction.  

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  • What is a simulcast auction? 

    • Simulcasting an auction is when we take online bids during a live auction.  

  

Real Estate Auctions:

 

  • What must I pay when purchasing real estate at an auction? 

    • Earnest money must be paid on the day of the auction. Earnest money is 10% of the purchase price and can be paid with cash, cashiers check, or personal check* with a current bank letter of guarantee made to Wendell Alexander Realty.
       

  • When is the closing on real estate?

    • Real estate closes approximately 45 days after the auction. The remainder of the purchase price is owed at this time. 

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Sales Tax for Equipment Auctions: 

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  • Auctioneers collecting sales tax, the TN sales and use tax manual states, “Auctioneers, agents, or factors acting for any unknown or undisclosed principal entrusted with any bill of lading, customhouse permit, or warehouse receipt for delivery of tangible personal property, or entrusted with possession of any such personal property for the purpose of sale, are deemed the owner of the property. Upon the retail sale of such property, the auctioneer, agent, or factor is required to collect and remit the sales tax. However, if the principal is known the tax responsibility rests with the principal.”

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  • Out of state agricultural sales and use tax certificates: Our tax manual for Farmers, Nursery Operators, and Timber Harvesters states, “Tennessee will not honor certificates of exemption issued to farmers, timber harvesters, or nursery operators by other states. To make tax-exempt purchases in this state, out-of-state individuals will need to apply for the Tennessee Agricultural Sales and Use Tax Certificate of Exemption.”

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  • An agricultural sales tax exemption law may vary from state to state. The Department has the responsibility to ensure we administer Tennessee’s law as written, so we will need to verify if entities are eligible under TN law.

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  • The following important notice may also be a helpful resource: 22-14 - Farm Equipment and Machinery (tn.gov).

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  • Resale certificate: The TN sales and use tax manual states, “A seller outside of Tennessee making purchases for resale from a vendor in Tennessee may furnish the Tennessee vendor with an out-of-state certificate of resale showing that it is a retailer located outside Tennessee and entitled to make such purchases tax exempt on a resale certificate.

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  • In addition, regarding the agricultural sales and use tax exemption, you may access the application here: Application for the Agricultural Sales and Use Tax Exemption (tn.gov). Please note that additional documentation is required to be submitted along with the application. The applications can be mailed to: Tennessee Department of Revenue, Taxpayer Services Division, 500 Deaderick Street, Nashville, TN 37242. For questions regarding Tennessee sales tax, please contact the Tennessee Department of Revenue.

 

Online Auctions: 

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  • How do online auctions work?  

    • Bidding is open for online auctions for 10-14 days. All of our auctions have a stagger close, this means 10-20 lots will close at a time. Our auctions also feature a 2-minute soft close to prevent sniper bidding. If a bid is made in during a soft close the 2-minute closing timer resets. 

 

  • How do I bid?  

    • We use HiBid to host our online auctions. You will use your current HiBid account to bid on lots. If you have not registered with HiBid you will set up your account with an email address. 

 

  • What is a "soft close"?  

    • Our online auctions feature a 2-minute soft close to prevent sniper bids from happening in the final minutes/seconds of the auction. If a bid is made in the final 2-minutes of a lot closing, the bidding for that lot will be extended to 2-minutes. Every time a bid is made when the lot is closing the "clock" will reset.  

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  • What is a stagger?  

    • Our auctions are set to a 20-second stagger, meaning lots will close 20 seconds apart.  

  

Payments:  

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  • What type of payments do you accept?  

    • Cash, personal check*, credit card, and debit card (Visa, MasterCard, American Express, Discover). All credit card transactions will be subject to a credit card transaction fee. 
       

  • When purchasing real estate, is anything owed at the auction? 

    • Yes​, earnest money must be paid on the day of the auction. Earnest money is 10% of the purchase price and can be paid with cash, cashiers check, or personal check* with a current bank letter of guarantee made to Wendell Alexander Realty.

      *All personal checks in excess of $1,500 and real estate transactions must be accompanied with a bank letter of guarantee.

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