FARSERV - The Premier Liquidators of Government Assets, Bank Repos, Lease Returns and much more

The Premier Liquidators of Government Assets, Bank Repos, Lease Returns and much more

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General Questions

What is the reserve?
The reserve price is the minimum dollar amount that a seller will accept for an auction. FARSERV's clients/sellers will not disclose the reserve amount for any of their auctions. It is the responsibility of all potential bidders to conduct their own research and determine the amount that they believe the item is worth and how much they will bid.

How will I know if the reserve has been met?
The language on the auction listing will change from "Reserve Not Met" to "Reserve Met" once the reserve is reached.

I was the high bidder and I wasn't notified that I won the auction? Why is the auction marked as closed?
You may have been the high bidder, but the auction's reserve amount was not met. Our sellers will not be obligated to sell an asset unless the reserve price is met.

How do I know that these are legitimate auctions?
Properties auctioned by our government clients are forfeited to the U.S. government under federal court order and sold on behalf of the U.S. government as authorized by the federal courts or classified as retired or surplus assets by the agencies that own them. Properties auctioned by our clients that are financial institutions or other corporations are repossessions, foreclosures, lease-returns, or company owned assets. All bidders are encouraged to research and review all due diligence information including court documents located on the Additional Details tab of the auction listing. In order to give you the most comfort with your purchase, whenever possible, we make every effort possible to allow you to personally inspect the assets being auctioned off at predetermined times and locations.

Is financing available through FARSERV or its sellers?
No, financing is not available through FARSERV or its sellers. You will have to secure your own private financing. In some cases, the sellers who are banks and credit unions may offer financing for certain types of assets such as automobiles. If such financing is offered, it will be clearly indicated on the asset listing and the buyer must be approved for financing by the seller before bidding.

When is payment due?
Full payment is due within 30 days of the close of the auction for real estate and within 5 days for personal property such as automobiles, machinery, and collectibles.

Real Estate

What is the property address?
Can you describe the area where the property is located?
The address for this property is located in the auction description. If no address is noted or the property does not have a street address, you may wish to contact the county where the property is located to inquire about the exact location. You will need the legal description or the parcel number, provided on the auction listing, to find out the exact location of the property.

How can I get more information about the property?
How many bedrooms/bathrooms does this property have?
How many acres is the property?
All information that we have regarding this property is listed in the auction description. Please take a few moments to read the entire auction listing. If you still have additional questions, consider signing up for the inspection.

Can I inspect the property?
How many people can attend the inspection?
If FARSERV is able to hold an inspection for a property, date and time is posted under the Inspection Details section of the auction listing. If there is no inspection information provided, then FARSERV is unable to accommodate an inspection for that particular property.

All inspections are open to the public; however each person wishing to participate must schedule an appointment by emailing inspections@farserv.com and sign a waiver.

I missed the inspection date. Can I still view the property?
No. If you miss the scheduled inspection time posted in the auction description it is NOT possible to inspect the property at a different time.

Are there any liens on this property that I will have to pay?
The seller will pay any and all liens at closing for the property. This means you are guaranteed to receive a title that is free and clear.

How much are closing costs?
If I'm the highest bidder in a FARSERV real estate auction what fees are associated with settlement other than my winning bid amount?
Should I hire a closing attorney?
As the winning bidder, you are responsible for the high bid amount and closing costs. It is the responsibility of all potential bidders to retain an attorney at their own cost. FARSERV and its sellers do not have information on actual closing costs. Your attorney or title company will provide you with that information.

How do I finalize the sale if I'm the winning bidder?
A FARSERV representative contacts the winning bidder and gathers additional information needed to complete a Purchase Agreement. The completed Purchase Agreement is sent to the winning bidder who then must sign and return it to FARSERV within 24 hours of receiving it from FARSERV.

For Real Estate, full payment is due within 30 business days of the auction close date. Winning bidders must send a certified check. Extensions may be allowed only if granted by the seller.

If the winning bidder does not perform, he/she forfeits the bid deposit to the seller.

Do you offer title insurance?
Can I use my own title company to complete the sale?
How much are the title fees associated with the property?
FARSERV or its sellers do not offer title insurance for the properties they auction for sale. It is the responsibility of the winning bidder to conduct their own title search. The winning bidder is also responsible for all costs associated with performing a title search.

Personal Property

Will FARSERV ship the item to me?
The winning bidder is responsible for arranging the pick up and/or shipping of the item they won.

How long do I have to pick up the property or arrange for shipping once the sale is final?
If you are the winning bidder you will be notified about how long you have to pick up the property or to arrange shipping. The winning bidder is responsible for shipping costs.

How do I finalize the sale if I'm the winning bidder?
A FARSERV representative will contact the winning bidder and gather additional information needed to complete a Purchase Agreement. The completed Purchase Agreement is sent to the winning bidder who then must sign and return it to FARSERV within 24 hours of receiving it from FARSERV.

For personal property, full payment is due within 5 business days of the auction close date. Winning bidders must send a certified check. If the winning bidder does not perform, he/she forfeits their bid deposit to seller.

I'm ready to send in my payment. What payment methods are accepted?
Unless otherwise indicated on the auction listing, only certified funds are accepted as payments.

Searching - There are two ways to seach for items, Basic Search and Advanced Search.

Basic Search - Accessible from both the Home Page and Browse.

Enter Keywords, Item #, or Username
Select appropriate search parameter
- Title & Description
- Item #
- User
Click "Search" button

Advanced Search - Accessible by clicking the "Advanced Search" button on the Home Page

The following options are available for the Advanced Search:

Load Saved Search - Use a previously saved search.
Category - Select a specific item category or "All Categories."
Search - Enter Keywords or Item #. To search Title & Descriptions check the appropriate box.
The following options are available for keyword search:
- All of these words
- Any of these words
- Exactly these words
Item Options - Used to search custom item fields. Example: ISBN # for textbooks.
Refine Your Search - Narrow the search. Reduce the number of search results by setting specific search properties.
- Price Range
- Start Date
- End Date
- Words to Exclude
- Listing type
  - Buy Now
  - Auction
- Listing Options
  - Completed
  - Buy Now! only
  - No Reserve only
  - With Pictures only
Display Format - How to organize the items your search returns.
- Items Ending First - Items with the least amount of time left first.
- Items Ending Last - Items with the longest amount of time left first.
- Newest Items First - Items with the most recent start date.
- Oldest Items First - items with the oldest start date.
- Lowest Price First
- Highest Price First
- Most Bids First
- Least Bids First
- Alphabetically
- Reverse Alphabetically

Press "GO" to activate Advanced Search.

You can search for items on the Home Page or browse items by category. To place a bid or sell an item you must register for an account.

Auction - A Traditional Auction listing allows you to sell items to the highest bidder. You specify the start price, and people bid against each other in specified bid increments. Traditional Auctions allow the Seller to set both a Reserve and Buy Now price. When listing a Traditional Auction, the quantity of goods is equal to one.

Example:

One pair of jeans has a quantity of 1.

A lot of 5 different men’s shirts have a quantity of 1 because they are all sold together as one item.

If you have 5 men’s shirts that are exactly the same and you want to sell each one separately, then use the Dutch Auction format.

Dutch Auction – A Dutch Auction is another name for a multiple item auction. These listings are for selling more than one identical item individually in an auction format. Rather than creating a listing for each item, you can sell them all, one at a time, with one listing. Buyers can submit a bid for one, or multiple items in a Dutch Auction listing. When there are multiple buyers for a Dutch Auction, the item’s final cost is the lowest successful bid by the highest bidders.

Fixed Price - A Fixed Price listing does not allow bidding. The seller specifies the only acceptable price for the item(s). You can sell one item or multiple identical items with one Fixed price listing. Because there is no bidding on fixed priced listings, all items are Buy Now.

Classified Ad - Unlike traditional text only classified ads, our Classified Ads allow image uploads and dynamic communication between the Seller and all potential Buyers. When listing a Classified Ad, you enter your asking price, the shipping cost, and any information about the item or service you are selling. When an arrangement has been reached between the buyer and the seller, the seller can manually end the Classified Ad.

Trade - A Trade listing allows you to exchange goods or services with another user. You can choose to accept or decline any posted offer. When listing an item for Trade, you only have to enter the shipping cost. Since the goods are not for sale, you will not be asked to enter a price.

Buy Now - When listing an item, you may have the option of setting a Buy Now price. The Buy Now feature allows instant purchasing.

The Buy Now feature is available for the following listing types:

Traditional Auction
All Fixed Price listings - The Fixed Price is automatically the Buy Now price.

Reserve - The Reserve price is the absolute minimum dollar amount the Seller will accept for an item. Buyers are notified after placing their bid if it is below the Reserve price.If a Buyer's maximum bid is greater than the Reserve price, the Reserve is automatically met and that user is the high bidder. The ability to set a Reserve price is only available to Traditional Auctions .