Before every auction the auctioneer announces the terms of the auction. One of the main terms that many auctioneers emphasize is the phrase – all lots in today’s auction are being sold “As Is, Where Is” without any guarantees. What does this really mean and why does it matter? First lets explore the definition:
“As Is, Where is”
Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as “As Is, Where Is” and “In its Present Condition.”
For the auctioneer this is a very important disclaimer. It allows him the ability to auction each lot unencumbered with respect to the condition of the item. This in turn allows him to sell many items very quickly for his client (the seller). By stating “As is, Where is”, he has warned you to look before you buy.
Remember, as a buyer this is your queue to inspect every item before buying!
In a live auction an auction preview is generally held before the auction. As a buyer take the time to look and preview before you buy. Do a thorough inspection before the lot is offered for sale.
However, in a online auction this is not quite as easy. If you can not physically inspect or preview before the auction then we recommend that you send an agent who can on your behalf.
As a buyer “As Is, Where Is” is your “caveat emptor” or “buyer beware”. Look before you buy! It is your responsibility as the buyer. This is quite important, because once an auctioneer says sold, then you as the buyer have just agreed to purchase that lot.
It does not matter that vase you just bought has a large hair line crack down the back. The auctioneer announced in the terms “As is, Where is”, so upon sold being said, you as the buyer now own the item.
Whether your are new to the auction world or a seasoned auction veteran, heed the auctioneer phrase “As Is, Where is”!