FAQs

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Professional Real Estate Group Auction Division conducts three types of auctions on a regular basis.

• Live Auctions: Only bidders who are physically present at an auction site are able to bid. (These auctions are notated on the Auction Schedule with “Sorry, No Online Bidding”.)
• Online Only Auctions: Only registered online bidders are able to bid and compete against other registered bidders. (These auctions are notated on the Auction Schedule with “Online Only”.)
• Simulcast Auctions: Live bidders who are physically present onsite at an auction compete against Internet bidders who have either placed proxy bids or are bidding live in real time. This is the most typical type of auction we conduct and can also be heard online by listening to the Auction System Radio Network (ASRN).

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We handle all types of auctions and liquidations ranging from Commercial Businesses, Retail Stores, Manufacturing Plants, Tools & Heavy Equipment, Automobiles, Marine, Estates & Personal Property, and Residential & Commercial Properties including Land and Farms.

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A “Buyers premium” is the amount charged, in addition to purchase price.  This defrays the expenses incurred in the auction process.

Example: A buyer has a winning bid of $100.00 for an item; the final bill would be $100 + the buyer’s premium (10%).  This allows us to split the cost of marketing an item, and costs involved in achieving a final sales, between the buyer and the seller.  In any event, this formula allows both buyer and seller to reach their goals at a reasonable cost.

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Our promise to you is to settle auction funds within 30 days.  In most cases, we usually settle auction accounts within 7-10 days.  Know that your funds are held in our escrow account, in accordance with Tennessee state law.

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This is not only the part of our business that we enjoy the most, buy also the most effective way to put the greatest amount of money possible into your pocket.

Example: “ABC Pizza Company” decides to close one of its outlets.  “ABC Pizza Company” contracts with Professional Real Estate Group Auction Division to product an onsite auction in exchange for a fee, a percentage of the gross sales.

Once the contract has been signed, Professional Real Estate Group Auction Division will choose the best date possible for the auction, provide all set up, marketing and promotion for the sale.  Our experienced staff of professional will clean and place all items in the restaurant in their best strategic positioning in order to achieve an immediate sale at auction.  We will market your sale to many qualified buyers utilizing our considerable resources.

We provide all staff necessary to ensure the sale is fun, productive and without delay.  Our staff will provide all services, including security to protect the goods, along with checkout to ensure a successful sale.  Our bookkeeper will handle all aspects of payment, including placing all monies owed to you into our Escrow account without delay.  Once we have achieved settlement day, you will receive all monies owed to you with a specific breakdown of all items sold.  Onsite auctions historically achieve the best results.

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Cash or check is accepted for payment at our actions.  We also accept credit card payment for an additional fee to cover credit card company charges.

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Yes. Generally you may preview the items the day before the auction.  This information is available on our website.

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1) Absolute auction/auction without reserve – An auction at which property put up for sale is sold to the highest bidder, where the seller may not withdraw the property from the auction after the auctioneer calls for bids unless no bid is made in a reasonable time, where the seller may not bid himself or through an agent, and where the seller will deliver marketable title.

2) At Auction/auction with reserve – An auction at which the seller or his agents reserves the right to establish a minimum bid, to accept or reject any an all bids, and to withdraw the property at any time prior to the completion of the sale by the auctioneer.

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Real Property: Land and Buildings

Real proerpty describes land and things that are attached to the land, which is why land is sometimes called real estate and realty.  Even though wood, steel, and other building materials aren’t land themselves, when they’re built into structures attached to the land, they become real property, too.

Trees and other plants naturally growing on the land are also part of the real property.  But plants that require regular human cultivation and labor, such as grains and vegetables, sometimes aren’t treated as part of the real property.

Personal Property

Personal property is all property that isn’t real property.  That’s a big category.  It can be further divided into two subgroups: chattels and intangibles.

Personal property: Chattels

The term chattel sometimes refers to all kinds of personal property, but often it refers only to tangible personal property (such as nose flutes and toenail clippers) as opposed to intangible property.

A chattel, such as a furnace, can be affixed to land and become part of the real property.  Such chattels are called fixtures.

However, fixtures may retain their quality as separate personal property for certain purposes.  For example, at the end of a lease term, the tenant generally has the right to remove fixtures she installed even though she doesn’t have any more right to the real property when the lease ends.

Personal property: Intangibles

Intangibles are all kinds of personal property that aren’t tangible, that can’t be seen or touched.  So you can say this kind of property doesn’t involve a “thing” at all; it involves only a legal right.  The mere existence of such a category of property is a reminder that, in the law, property most accurately refers to legal rights, not to things.

A person can own all sorts of intangible “things,” including the following:

• Bank accounts
• Franchises and licenses
• Insurances policies
• Intellectual property such as patents, copyrights, and trademarks
• Stocks, bonds, promissory notes, and similar documents that aren’t themselves valuable but merely represent intangible rights; currency is sometimes treated as an intangible