SELLER INFO:
Seller Settlements:
How Long Does It Take to Get Paid?
Seller settlements are completed within 15 business days of the auction closing. Although we can often issue payment sooner, this timeframe allows our team to carefully complete every step of the settlement process.
Before payment can be issued, we must:
Reconcile all lots and seller proceeds
Verify commissions and seller expenses
Review titles and other required paperwork
Complete UCC and lien research
Calculate and process any necessary lien payoffs
Perform a final settlement review
You can help speed up the process by providing all titles, lien information, contracts, and other requested paperwork as soon as possible. If you have a special circumstance and need payment sooner, please contact us. While we cannot guarantee an earlier payment date, we will always do our best to accommodate you when possible.
How Will I Get Paid?
Seller payments can be issued by check, ACH, or wire transfer. Please note that a $30 processing fee applies to all wire transfers.
Will I Be Able to See Who Purchased My Items?
Yes! When your settlement is processed, you will receive an email containing a detailed settlement report, including information about the buyers who purchased your items.
If you choose to receive payment by check, a printed copy of the report will also be included with your check.
How to know if my items have been paid for by the buyer?
Before releasing any items, please verify that the item(s) have been paid for.
Request to see an invoice and confirm that it is marked as “SETTLED” in green.
Unpaid invoices, you will see it marked “OUTSTANDING” in the same location.
Can I take payments from buyers?
As a full-service auction company, Resource Auction handles all payment transactions. If a buyer wishes to make an on-site payment, kindly direct them to our office at 701-757-4015, where we can assist them in processing the payment over the phone.
How long do buyers have to pick up their items that are located on my property?
Your auction’s load-out days are specified in the auction details. Most buyers adhere to these dates. However, there may be instances where buyers require additional time to retrieve their items.
If it has been more than fifteen (15) days since the close of your auction, and the items are still on your property with no contact from the buyer, please contact our office at 701-757-4015. We will assist in arranging the removal of these items.
Title Information:
If you are selling a titled vehicle or piece of equipment, Resource Auction must receive the original, properly signed title before the sale can be finalized and the related proceeds can be released.
Please provide your title as early as possible. This gives our team time to verify ownership, signatures, lien releases, and any other required information. Missing, incomplete, or incorrectly signed titles may delay your settlement.
If the original title is not immediately available, please notify our office and email a copy to office@resourceauction.com. Communicating title issues early gives us the best opportunity to address them before the auction begins.
If we do not have either the original title or a copy on file before the auction opens, the item will be advertised with a “Title Delay” disclosure so buyers know the title will not be immediately available.
What If My Title has a Lien?
We can still sell an item with an active lien, but communication is especially important. Please notify our office as soon as possible and provide the name and contact information of the lienholder.
After the auction closes, our team will contact the lienholder to request a payoff and coordinate payment of the outstanding balance from the auction proceeds. Sellers usually need to be on the phone to verify information during this process. Any remaining proceeds will be paid to the seller after the title is received and the lien and all other applicable settlement expenses have been satisfied.
Because a marketable title will not be available immediately following the auction, items with active liens will be advertised with a “Short Title Delay” disclosure.
Providing complete lienholder and loan information before the auction will help us begin the process quickly and minimize delays.
What Happens If I Do Not Provide the Title After the Sale?
Proceeds will be held for any lot for which Resource Auction has not received a marketable title.
If you are unable to provide a marketable title and the sale must be collapsed, the buyer’s payment will be returned and the sale will be canceled. Even if the sale is canceled, the seller remains responsible for Resource Auction’s commission on that item.
Resource Auction also reserves the right to hold proceeds from the seller’s other auction items, when applicable, until the required title is provided and the matter is resolved.
Providing the original, properly signed title as soon as possible is the best way to avoid payment delays or a canceled sale.
Can I Give the Title Directly to the Buyer?
We prefer that all titles be processed through the Resource Auction office. This allows us to verify delivery, maintain accurate records, and protect both the buyer and the seller.
Fees:
Wash Fees and Other Seller Expenses Explained
Some items may require washing, cleaning, hauling, repairs, storage, advertising, or other services before or during the auction process. When Resource Auction provides or arranges these services, the related charges may be deducted from the seller’s auction proceeds.
Wash fees are generally based on the amount of labor, equipment, and supplies required to prepare the item for sale. Because every item is different, the cost may vary depending on its size, condition, and the amount of cleaning needed. Even if your item arrived washed, it may have required additional cleaning to meet our presentation standards. Any decision to wash an item further is made with one goal in mind: to present it at its best and help achieve the strongest possible sale result.
Other seller expenses may include transportation, loading, repairs, title or documentation fees, lien-related expenses, marketing costs, or other services authorized under the auction contract.
All applicable commissions, fees, and seller expenses will be itemized on your settlement statement so you can clearly see how your final payment was calculated. If you have questions about a charge, please contact our office, we are always happy to review your settlement with you.
UCCs Explained:
A UCC filing is a public record that may show a lender or other secured party has a financial interest in a business’s assets. Even if a loan has been paid off, the UCC filing may remain active until the lender formally terminates it. As a service to you, we will work with the lender to get this lien terminated.
As part of our settlement process, Resource Auction may conduct a UCC and lien search to determine whether any auctioned property could be subject to an existing security interest. If an applicable lien is identified, we may need to contact the lender, obtain a written release, request payoff information, or issue proceeds jointly to the seller and lienholder.
Most lien situations can be resolved with the proper documentation. However, the process may delay payment, particularly when lender approval or a collateral release is required. SBA liens, including certain COVID EIDL loans, may require the seller to work directly with the SBA.
Please disclose any known loans or liens when checking in your items. Providing lender contact information, payoff documents, and lien releases as early as possible will help prevent settlement delays.
Email office@resourceauction.com with questions related to UCCs.
What Is a Blanket Lien?
A blanket lien is a UCC lien that may cover many, or even all of a seller’s assets, rather than one specific item. This can include equipment, inventory, accounts receivable, and the proceeds generated when those assets are sold.
If an auction item may be covered by a blanket lien, Resource Auction must contact the lender to determine what is required before releasing the sale proceeds.
Why Is the Bank Listed on My Check?
Because the lender may have a legal interest in the item and its sale proceeds, the bank may require the settlement check to be made jointly payable to both the seller and the bank. This protects the lender’s interest and ensures the funds are handled according to its payoff or release instructions.
The bank may endorse the check back to the seller, apply some or all of the proceeds toward the loan, or provide different payment instructions. Resource Auction will work with both the seller and the lender to help complete the process.
More Information:
What if I have questions about my settlement?
If you have questions about your settlement, please contact us at office@resourceauction.comor call 701-757-4015. We’re always happy to help!
