There may not be one single auctioneer not familiar with selling property “as-is” and “where-is.” There may be only a few who are familiar with a “return policy.” Today, we discuss both.
First, if you as an auctioneer are selling property “as-is” and “where-is” then you need to allow bidders reasonable opportunity to preview. Lacking such opportunity, buyers may have recourse including voiding the transaction.
Otherwise, if you are not selling “as-is” and “where-is” then so long as property is described accurately, there are no issues. However, if not described correctly, then buyers could rightly request to return for reimbursement of costs paid.
The auction industry is somewhat unique in modern-day commerce. “As-is” and “where-is” is common for auctions, and hardly found anywhere else. Bidders for the most part don’t care if they are buying at auction or not — so what would they prefer?
It appears most consumers want a return policy rather than being obligated to inspect and buy “as-is” and “where-is.” With the abundance of items sold online every day, return policies are a given part of everyday life … where true [opportunity for] inspection is not.
Further, a contract between a buyer and seller would likely be deemed unenforceable/invalid if the property didn’t match the description … causing the auctioneer/seller to incur liability especially lacking opportunity to preview and/or an option to return.
Could an auction/auctioneer offer a “return policy?” Some auctioneers are moving this direction and are finding more buyers and higher prices exceeding any costs of returns/exchanges. It’s almost as if describing the property accurately and maintaining some liability for errors (or just people changing their minds) has merit in the marketplace for sellers, buyers and auctioneers.
Mike Brandly, Auctioneer, CAI, CAS, AARE has been an auctioneer and certified appraiser for over 30 years. His company’s auctions are located at: Mike Brandly, Auctioneer, RES Auction Services and Goodwill Columbus Car Auction. He serves as Distinguished Faculty at Hondros College, Executive Director of The Ohio Auction School, an Instructor at the National Auctioneers Association’s Designation Academy and America’s Auction Academy. He is faculty at the Certified Auctioneers Institute held at Indiana University and is approved by the The Supreme Court of Ohio for attorney education.
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