Cautionary Notes for Auction Bidders

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Formula455SD · #16 01-21-2026, 04:49 PM

Quote:

Originally Posted by LT1vette

Would the seller not have to give the proof of ownership to the auction house to hold?
The house WANTS to be GUARANTEED it receives payment, BOTH sides buyer/seller.

I have never been in that situation personally.

The seller hands the title over to the auction prior to the auction. If the seller "buys" the car back. The seller would have to give the auction both buyer and seller fees in order for the auction to release title and vehicle. It can get very expensive. If they have a friend buy the car back. The sale would go through the normal process as title would technically transfer.

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LT1vette (01-22-2026)

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