Frequently Asked Questions
What is an Internet-only Auction?
An internet-only auction is a place where Sellers sell items in an online atmosphere. Internet-only events contain the same ideas (items, seller, bidder, price, quantity) as a traditional live auction; of course online events are done via the computer on the internet. At the scheduled time, items start closing in catalog order.
Can I Look at the Items Before I Bid?
Each auction will have information regarding where the items are located and a scheduled preview time. If there is a specified preview time, you may preview auction items only during this time, no exceptions.
How Will I Know if I Am the Winning Bidder?
We will send your invoice by e-mail by noon the day after the auction closes.
How Long Do I Have to Pay For My Items?
Each auction has a deadline for payment. Review the auction terms carefully to be sure you understand all deadlines. THERE ARE NO EXCEPTIONS TO DEADLINES!!
Can I Pay with a Personal Check?
We accept Cash, Visa, Mastercard or Discover, Money Orders or Cashier’s Checks made out to VP Online Auctions. Credit cards accepted up to $5000. (Personal and Business checks accepted only with a * Letter of Guarantee * from your bank).
How Long Do I Have to Pick Up My Items?
Each auction has a deadline for pick-up. Review the auction terms carefully to be sure you understand all deadlines. THERE ARE NO EXCEPTIONS TO DEADLINES!! Ownership of any item not removed by the stated pick-up deadline will automatically revert to the Seller, and any funds paid will be forfeited for failure to comply with auction terms.
Does the Buyer Have to Pay Any Fees On Top of the Closing Bid?
There is no fee for bidding on auction items, however the buyer shall pay to Vp Online Auctions a buyer’s premium of 10% of the sale or bid price. For example, if the successful bid is $100.00 the buyer will be invoiced for $110.00. The buyer’s premium is not negotiable and is payable by all Buyer’s. When and where Minnesota State Sales Tax is applicable it would be invoiced on top of the sale price plus buyer’s premium since the buyer’s premium is considered part of the contract sale price in accordance with state law.
How Does the Auto-Extend Feature Work?
If an auction receives a bid in the last five minutes, the ending time for that auction will automatically be extended by five minutes. Once five minutes have passed without any bidding, the item will close. This feature prevents “sniping” and allows all bidders an equal opportunity to be the high bidder if they so choose.
Should I Bid While the Auction is Closing?
Many of our bidders begin bidding actively as items are closing. Internet only Auctions can be more exciting than live auctions, because up to 2-5 items maybe closing simultaneously. However, to assure you do not get caught up in the frenzy of last Minute bidding, we strongly recommend that you consider using the Max Bid feature. Just enter your maximum price. No matter how many items are closing, Max Bid will bid on your behalf-using only what it needs to keep you the “winner.”
What is the “Max Bid” Feature for Online Auctions?
The “Max Bid” feature allows a bidder to enter a maximum amount they are willing to pay for an item without disclosing that amount to other potential bidders.
Example: If the next required bid for an item is $50, but you are willing to pay up to $500, you enter $50, as the “next required bid” and $500 for the Max Bid.
So long as nobody else bids more than $500 you will win that item, if no one else bids then you will only pay $50. Max Bids are especially useful when you
are bidding on many lots that are closing within minutes of each other. They will make sure that you don’t miss out on lots just because you are bidding
on another lot.
Can I Send a Mover to Pick Up My Items?
Yes, remember that your mover will require a copy of your paid sales receipt. We strongly recommend that you meet your mover at the pickup location to point out your sales items and to assure your mover collects all of your purchases.
Do I Have to Transfer Titled Items Into My Name When I Pay For the Item?
Yes, VP Online Auctions is a licensed Minnesota Dealer and we are required by the State of Minnesota to collect all transfer fees, licensing and Taxes at the time of the items purchase.