Real Estate Buying
All of the properties will be sold “with Reserve” unless expressly noted. This means that Seller can refuse the offers that he received if the highest bid price is not met the lowest price he is willing to take for the property.
FUNDS REQUIRED TO BID:
A 10% deposit of the estimated value is required the day of the auction. All bidders must attend the auction with a certified check in the amount of the opening bid price.
Purchasers are required to pay a buyer’s premium equal to 10% of the high bid (winning) price. This amount shall be added to the final bid and inserted into the purchase agreement to determine the total purchase price.
A cooperating broker fee will be paid to the broker who is properly registered to represent the buyer that closes on the property. Please see the Terms of Sale for complete broker registration requirements.
Any buyer or broker need register 3 days before auction date, please schedule inspection with broker. Purchaser shall be responsible for any inspections required by the Municipality ( Philadelphia County) and any demands resulting from that inspection.
35 days closing, no contingency in the auction sale.
Antique and Merchandise Buying
Philadelphia Auction International has made every effort to catalog and correctly describe the property to be sold, however, all lots are sold ‘AS IS’ and should be examined prior to bidding. Flaws and imperfections caused in the making are not noted. Expect normal wear and oxidation on antique metalwares and crazing and normal glaze loss on pottery and ceramics. All condition reports will be found in parentheses following the description. Any additional condition questions should be made 24 hours prior to the start of the auction to allow for our staff to review the items. The auctioneers reserve the right to make verbal corrections and provide additional information from the auction block at the time of sale. In all matters, the records of the Auction will be final. All sales are final.
Upon fall of the hammer or said sold, the title and responsibility for each item or lot passes to the purchaser. In case of a disputed bid, the Auctioneer, will determine the successful bidder or re-offer and resell the article in dispute.
All purchasers must register for a buyer’s number and provide satisfactory identification.
A 18% In-house Buyer’s Premium is added to each item sold at the Auction. A 21% Internet Buyer’s Premium is added to each item sold during the Auction. If you are a PA resident or you pick up your items at the auction center a 8% Sales Tax will be charged except to persons with a current Dealer’s Sales Tax Exemption on file with the Auction.
will be accepted with a 25% deposit by money order or certified check. This deposit is required for in-house bidding only, and does not apply to Internet bidders. Any such deposits will be refunded if the bid is not successful. In the event of duplicate in-house absentee bids, the first bid received will take precedence. In-house absentee bids will not be executed on items which are found to be other than described in the catalog. The auctioneer may reject any bid which he considers to be nominal and not commensurate with the value of the article offered. It is entirely possible to buy items by absentee bid for less than your top bid price as they are handled competitively. All bids are handled in competition with audience on an alternate basis. Due to uncertainties of bidding, a lot may sell to the floor bidder for the same amount as an absentee bid. To prevent this from happening, the absentee bidder can give Philadelphia Auction International the right to bid the next higher bid by placing a (+) sign after the bid price. Philadelphia Auction International will not be responsible for any omissions when processing your absentee bids. All sales are final and must be paid in full immediately. Items must be inspected before leaving absentee bids.
We are not aware of the Live bids in advance, but only during the time of the auction as they are forwarded to our computer. Philadelphia Auction International will not be responsible for any omissions, errors or slow communications on absentee bids. In the event of a tie bid with a floor bidder and an online bidder, the floor bidder will take precedence. The auctioneer’s decision in this matter is final.
Payment must be made prior to removal from the auction house. In house bidders must settle their accounts on the day of sale. Absentee, Telephone and Internet Bidders must make payment within seven (7) days. Failure to do so may result in forfeiture of items.
IN HOUSE PAYMENTS:
Accepted in-house payment forms are cash, checks, (with Philadelphia Auction International’s approval), money orders, Debit cards, Visa and MasterCard will be accepted. No out of state checks will be accepted by the auction, unless there was given prior approval by Philadelphia Auction International.
All invoices will be emailed to the buyers on the first business day following the auction. This invoice will include total purchase price and shipping costs per the UPS Store. Items must be scheduled for removal from our auction facility within seven (7) days or be charged a monthly fee of 1.5% of the purchase price. If the monthly fee exceeds the purchase price, the property becomes property of the auction house.
REMOVAL & SHIPPING:
The Auctioneer reserves the right to hold merchandise purchased by personal check until the check has cleared the bank, if the Auctioneer deems such action necessary to protect his interest.If shipping is requested by the purchaser, all packing, insurance, and UPS shipping charges will be charged to a credit card. Philadelphia Auction International does not pack or ship any items in house.
All items are sent through the UPS Store, a third party shipping company. Please contact UPS Store at 215-567-6006 or firstname.lastname@example.org for any shipping inquiries regarding any potential shipping costs prior to the auction. Please note: if you are successful on items from our auctions, it could take up to three weeks until your items are received due to the volume of items that sell through the Internet. Philadelphia Auction International reserves the right to hold merchandise until personal checks clear. There will be a $5 handling fee charged in addition to the shipping charge from the UPS store for any bidders wishing their items to be shipped. Items must be scheduled for removal from our auction facility within seven (7) days or be charged a monthly fee of 1.5% of the purchase price. If the fee exceeds the purchase price the items become property of the auction house. Please direct all your shipping questions to the above mentioned names, as we do not ship in-house and are not able to answer these questions.
YOUR BIDDING ACKNOWLEDGES YOUR ACCEPTANCE OF THESE CONDITIONS OF SALE.