To liquidate is to wind up the affairs of a company by ascertaining liabilities and apportioning assets. At least that’s the dictionary definition. But what does that mean for auctions?
What is a Liquidation Auction?
What’s a liquidation auction, specifically? When a company goes out of business (or goes bankrupt or is foreclosed on) they need to get rid of their assets– their stuff. How do they do that, conveniently and quickly? They have a liquidation auction where their items are sold off via auction. Liquidation auctions are also held to sell off items returned to big box stores that otherwise can’t go back on the shelf.
When you think of the term liquidation sale, you usually think of “low prices.” Indeed, that’s true! Bidders like the opportunity to get quality items at a deeply discounted price thanks to liquidation auctions. They can buy low and then resell high, hopefully making a nice profit.
Items for Sale at Liquidation Auctions
What are some items that you might find in a liquidation auction? Antiques, artwork, household appliances, office furniture and electronics are just some of the more popular items.
Usually, the money raised by a liquidation auction is used to raise funds to pay off creditors. In some cases, though, the auction is used just to get rid of surplus items.
Most liquidation auctions allow an inspection period to bidders– that way they can briefly look over what’s “for sale.” Then the bidders determine the cost of those commodities, hopefully getting a “good deal.”
Keep in mind that items at liquidation auctions are sold “as-is.” They might not be the type of goods that are in high demand or even in great shape. They might have some flaws such as slightly damaged packaging or dusty covers. And when you buy stuff at this sort of auction, these items can’t be returned. The auction service isn’t liable on any of the products sold. So, you have to be wise with your investment.
Score Big at Your Next Online or In-Person Liquidation Auction!
If you’re thinking of attending a liquidation auction whether online or in-person, what are the steps to take to get what you want? First, browse to see what’s available. Take some notes. Read descriptions. If you have time, do some online research about the items you’re most interested in. Next, register as a bidder and plan on what your highest bid(s) will be. Set a budget for yourself so you don’t go over it. Then, place bids. If and when you win, collect the goods and pay for them with whatever payment system the auction service asks for, such as cash or credit card.
Liquidation auctions are popular because they offer an interesting variety of merchandise and goods that you can get for low prices. If you’d like to know more about them, contact Wilson Auction & Realty of Ohio at 866-870-5500. Wilson Auction & Realty conducts auctions not only in Ohio, but in Indiana and Michigan as well.