01 Understanding Asset Listing Formats

Items offered by Asset Re-Source will be offered in two different asset listing types - Timed and Sealed Bids.

Timed Asset Listing

In a timed format, bids will be collected online in a defined timeframe. The lot page for the individual items will show the ending time for the listing. Bids will no longer be accepted if submitted after the listing closes. Asset Re-Source reserves the right to accept or reject any bids submitted.

Sealed Bids

In a sealed bid format, bidders will submit offers in a format in which the asset listing is open ended. Bids will be collected and analyzed on a lot by lot basis and approved or rejected by the seller. Asset Re-Source reserves the right to accept or reject any bids submitted.

Instant Purchase

In some instances, an instant purchase option will be available in which a bid placed for the amount of the instant purchase option will be immediately accepted and the listing will close.

02 Placing Bids

Bids will only be accepted online through the Asset Re-Source platform.  Any bids submitted by alternative methods such as email, verbal bid, etc. will not be considered.

Bid Increments

Bidders must increase bids by the minimum bid increment notated on the page for the lot that is being bid on.  Bids that do not meet the minimum bid increment will not be accepted.

Absolute Commitment

All bids submitted are considered legally binding and Buyer agrees to adhere to all terms and conditions set forth in the purchase and sale agreement for the lot(s) purchased.  Redlines to the purchase and sale agreement will not be accepted

03 Bid Payment and Fees

Upon bid close, Buyer will execute the purchase and sale agreement within two (2) business days.  Additionally, payment is due immediately upon execution of the purchase and sale agreement.  Failure to execute the applicable documents and pay within three (3) business days may result in forfeiture of the lot.  All payments will be considered final, and any forfeiture due to default of the purchase and sale agreement or untimely payment may result in forfeiture of prior payments and title will revert back to the seller.

Payment Methods

Buyers are encouraged to pay by wire.  Credit card payments will incur a 4.00% credit card processing fee.

Buyer’s Premiums and Fees

A 10% Buyers Premium will be charged on all transactions, capped at $250,000.

04 Item Condition and Descriptions

Asset Re-Source does its best to accurately and thoroughly represent the condition of the items being sold.  It is encouraged to make a site visit to inspect items if able.  By placing a bid, Buyers acknowledge that they have had ample time to inspect the items, and Buyer will accept the items in its current state.

‘As Is’ Condition

All items sold on Asset Re-Source.com are sold as-is where-is with no warranty unless otherwise memorialized in writing.  The transaction will be governed by the purchase and sale agreement.