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FAQ - Frequently Asked QuestionsWe are here to answer your questions! Some of the most frequent are below. Click the question and you will be linked to the answer further down the page.
- Are there different kinds of auctions?
- What is a "Timed Online Only" auction?
- What is a "Virtual" auction?
- What is a "Live with Online" auction?
- What is a phone bidder?
- What is an absentee bidder?
- How do I register for bidding online?
- I want to start bidding, what do I do?
- How do I pay after an online auction?
- What are bidding extensions or extended bidding?
- Why does your website look different on my phone or computer?
- In the Apple App Store I see two Schrader apps. Which one do I want?
- My login information isn't working. What do I do?
Are there different kinds of auctions?
Auctions have been held and used as an efficient way to sell property for over 2,000 years. These days, we primarily use 3 different types of auctions: Timed Online Only, Virtual, and Live with Online.
What is a "Timed Online Only" auction?
Timed Online Only is an auction where the entire bidding process takes place online, and the property in the auction has a defined closing date and time. In some cases the bidding can remain open for a day, week, or longer. Typically if there are bids in the last few minutes of the auction for a particular lot, the end time for that lot will extend for a few minutes to allow the runner-up bidder the chance to get back in.
What is a "Virtual" auction?
A Virtual auction is a live, real-time auction that has a set starting date and time. An auctioneer will ask for bids on property and set the bid increment as bidding progresses. Virtual is different from Live with Online because there are no bidders onsite with the auctioneer. All bidding is done through our bidding platform or over the phone.
What is a "Live with Online" auction?
A Live with Online auction is a live, real-time auction that has a set starting date and time. Bidders will be invited to a site with the auctioneer and bid assistants. The auctioneer will ask for bids on property and set the bid increment as bidding progresses. For those bidders that cannot attend the auction on site, remote online bidding is provided through our bidding platform and the bids are relayed to the auctioneer through an in-person bid assistant.
What is a phone bidder?
In Virtual auctions, and in some Live with Online, we will accept bidding over the phone during the auction. If you wish to bid by phone during a Personal Property auction, you must complete a Phone Bidder Agreement form with the items you are interested in and the maximum price. An agent will be assigned to you and contact you the day of auction. You may download the form on the specific auction page (on the Downloads tab) or call office and one can be emailed, faxed, mailed to you. Forms must be received prior to auction day.
What is an absentee bidder?
If you are unable to be on the phone and/or attend an auction, we will in most situations be able to accomodate you through absentee bidding. Simliar to phone bidding, you must complete an Absentee Bidder Agreement form with the items you are interested in and maximum price. You may download the form on the specific auction page (on the Downloads tab) or call office and one can be emailed, faxed, mailed to you. Forms must be received prior to auction day.
How do I register for bidding online?
You can always call 800-451-2709 and one of our helpful team will guide you through the answer for the auction you are interested in. Beyond that, here are some general notes:
If the auction you are interested in is Real Estate, on the homepage or all auctions pages scroll down to the specific auction you are interested in (they are in date order). Click on the "Auction Details" button. Then click on the "Downloads" tab and open the "Online Bidder Registration Form" link. Print the form, fill it out and email, fax or mail back to us using the instructions on the form.
If the auction you are interested in is Farm Equipment or Personal Property, in the top left-hand corner of every page on our site (on mobile the menu is collapsed, so click the "hamburger" icon with three horizontal bars), click on FARM EQUIPMENT ONLINE BIDDING or just follow this link to take you to our personal property bid platform. On that page, in the top right hand corner (on mobile click the icon to see the menu again) select either "Sign Up" for a new account or "Login" if you already have an account with Nextlot, our platform partner.
I want to start bidding, what do I do?
For Virtual or Live with Online Real Estate auctions, once we receive your online bidder form, our office will send you an email with your bidder number, link, and login credentials. Then, in the 24-48 hours leading up to the auction, you'll receive an email with the bid packet information including the Agreement to Purchase and any last minute details.
For Timed Onling Only Real Estate or Personal Property auctions, once you have logged into our bidding platform, click the "Request to Bid" button on the respective auction, accept the Terms and Conditions, and then you are free to place a single bid, or a maximum bid. A maximum bid will instruct the software to bid in the set auction increments up to your maximum bid when you are outbid.
For Virtual or Live with Online personal propety auctions, there is typically a pre-bidding session in the days leading up to the auction. The pre-bidding will close an hour before the live component of the auction starts and no bidding is allowed during that time. The high pre-bid for each lot will become the starting bid for the live auction and any maximum bids will be placed for you by the auction operator. If you didn't bid in the pre-bid session, you will be able to bid on items as they sell live in the order of the catalog.
How do I pay after an online auction?
If you are bidding on Real Estate in a Timed Online Only auction, you will need to communicate with the auction manager (listed on the website) or call 800-451-2709 immediately after the auction. You will need to sign the Agreement to Purchase (usually electronically) and provide an Earnest Money deposit per the agreement. If you wish to wire the money from your bank, we can provide wire instructions. If you are close to one of our offices or agents, you may be able to just write a check and deliver it. Contact the auction manager for more details.
If you are bidding online during a Farm Equipment or Personal Property Timed Online Only, Virtual, or Live with Online auction an invoice will be emailed to you for the amount due (which includes any online bidding fees). Once you have received your invoice, you may call the office and pay with a major credit card (4% surcharge fee), mail a check (depending on auction terms), do a bank wire or ACH transfer. Call the office at 800-451-2709 for wire instructions or with any questions.
When does a Timed Online Only auction close? What is extended bidding?
In a Timed Online Only auction, not all of the lots will close at the same time. The first several lots will start closing at the time indicated on the brochure and website, with all other lots closing in a staggered time thereafter. A lot is not closed for bidding until the website indicates "CLOSED" for the lot. If there is bidding on a lot in the final minute of the countdown, the lot will show "EXTENDED" and more time will be added, giving all bidders a fair chance to bid before the lot is marked "CLOSED".
Why does your website look different on my phone or computer?
Our website is built to be "responsive". That means that it rearranges elements, removes others, and shrinks or enlarges the rest to best fit on your device's screen. That means on a big screen, you'll see all of the menus and text. On a smaller screen, menus might be hidden and you'll need to click the "hamburger" - an icon that looks like three horizontal lines - in order to open the menu. On an iPhone or iPad, you can alternatively download our app which is designed specifically for your device.
In the Apple App Store I see two Schrader apps. Which one do I want?
Great question. Our Schrader iOS App is the one with the white conestoga wagon on a grey and red background. The Schrader iOS App is an alternative to our website and gives you all of the same auction, listing, and story information. The second app, with the red wagon on a white background is provided by our online bidding platform partner and is used to bid during Virtual or Live with Online personal property auctions. This bidding app is available in both the Apple App Store and Google Play Store.
My login information isn't working. What do I do?
First you should know that there are two different logins that we use. One is for our website and Real Estate bidding platform. The other is for our Personal Property platform. There is no cross-over of information between the two. Call 800-451-2709 if you aren't sure and we can help you figure out which account you have, help you set up a new one, or change your password. If you are having problems logging into the Personal Property platform you can call our provider partner Tech Support line directly at 919-361-1111 ext. 2