Frequently Asked Questions (FAQs)

Answers to Real Estate Auction FAQs provide insight into the most effective ways to sell commercial real estate, business equipment, and assets—yet many sellers and buyers have misconceptions about the process. Atlantic Asset Management Group has been conducting successful auctions in Hampton Roads, Virginia for over 40 years. Below you will find answers to the most common questions we receive.

Still have questions? Schedule a free consultation with Atlantic Asset Management Group (AAMG) today: (757) 461-6867

Seller FAQs

You know that buyers come prepared to buy! Other seller benefits include quick disposal, reducing long-term carrying costs, assurance of sale at true market value, accelerating the sale, creating competition among buyers, eliminating numerous and unscheduled showings and especially knowing that there is an aggressive marketing program that increases interest and visibility.

Auction advantages include:
  • Controlled timeline: Properties typically sell within 60 days, with closing in 30 days
  • Guaranteed sale date: No indefinite waiting period or carrying costs
  • Competitive bidding: Multiple qualified buyers compete, often driving prices higher
  • No contingencies: Fewer opportunities for deals to fall through
  • Aggressive marketing: Professional campaign reaches thousands of potential buyers
  • Transparency: You see exactly what the market will pay in real-time
Traditional listing works better when:
  • You're not motivated to sell quickly
  • The property is your primary residence and you prefer a flexible timeline
  • Market conditions strongly favor sellers
Most commercial properties, business liquidations, and vacant real estate achieve better results through auction due to the controlled timeline and competitive environment.
This is the most common misconception about auctions. The reality: auction prices reflect true market value determined by competitive bidding from qualified buyers.
Key facts:
  • Atlantic Asset Management Group's auctions consistently achieve 85-120% of appraised orderly liquidation values
  • The world's most valuable items—from fine art to commercial real estate—routinely sell at auction
  • Competitive bidding often drives prices higher than traditional negotiations
  • You maintain the right to accept or reject final bids with reserve auctions
  • Aggressive marketing attracts serious buyers with purchasing power
In traditional listings, prices are negotiated privately between one or two buyers. In auctions, multiple qualified buyers compete openly, which typically produces better results. Recent example: A 47,000 sq ft industrial facility sold at our auction for 118% of appraised value after attracting 14 competing bidders.
You have two options:
Reserve Auction (most common):
  • You set a confidential minimum price (reserve)
  • You retain the right to accept or reject the final bid
  • Protects you from unexpectedly low offers
  • Most of our commercial properties sell this way
Absolute Auction:
  • Property sells to highest bidder regardless of price
  • Creates maximum buyer interest and competition
  • Typically generates higher bidding activity
  • Best for motivated sellers who want guaranteed sale
We’ll recommend the best approach based on your property, timeline, and goals during your free consultation.
Typical timeline:
  • Week 1-2: Initial consultation, property inspection, and appraisal
  • Week 3-5: Professional marketing campaign launches
  • Week 6: Auction day
  • Week 7-10: Closing (typically 30 days post-auction)
Total time: 60-90 days from initial contact to closing.
For urgent situations, we can expedite the process. For complex properties or large portfolios, we may recommend a longer marketing period to maximize exposure and results
Auction costs typically include:
  • Marketing expenses: Professional photography, advertising, signage, and promotional materials
  • Auctioneer commission: Competitive rates based on property value and complexity
  • Appraisal fees: If professional valuation is required
Many sellers find that auction costs are offset by:
  • Eliminated carrying costs (taxes, insurance, utilities, maintenance)
  • Faster sale timeline
  • Higher final sale prices from competitive bidding
  • No repeated showings or negotiations
We provide transparent cost estimates during your free consultation with no hidden fees.
Combined auctions deliver superior results in most cases
  • Shared marketing costs: One campaign promotes both sales
  • Expanded buyer pool: Real estate buyers often purchase equipment, and vice versa
  • Increased attendance: More bidders create more competition
  • Operational efficiency: Complete business transition for buyers
  • Higher total returns: Typically 15-25% better combined results
Example: We frequently see bidders arrive for equipment auctions who end up bidding on the building, and real estate investors who purchase equipment they didn’t know they needed.
Commercial Real Estate:
  • Manufacturing facilities and industrial warehouses
  • Retail centers and shopping plazas
  • Office buildings
  • Restaurant properties
  • Medical facilities
  • Multi-family properties
Business Equipment & Assets:
  • Manufacturing equipment and machinery
  • Restaurant equipment and fixtures
  • Medical and dental equipment
  • Construction equipment and heavy machinery
  • Office furniture and technology
  • Complete business inventories
Geographic Coverage: Hampton Roads, Virginia Beach, Norfolk, Chesapeake, and clients nationwide.
Yes. We present all pre-auction offers to sellers for consideration.
Pre-auction offer benefits:
  • Sellers can accept strong offers and cancel the auction
  • Creates urgency among other potential buyers
  • Demonstrates property value to the marketplace
However, many sellers prefer to proceed with the auction to ensure maximum competition and price discovery. Your listing agent will guide you through any pre-auction offer decisions.
Complete asset disposition solutions
  • USPAP-certified commercial appraisals
  • Equipment and business asset appraisals
  • Real estate auctions (on-site, online, and hybrid)
  • Equipment and inventory auctions
  • Business liquidation services
  • Asset remarketing and sales
  • Expert witness testimony for legal proceedings
All services backed by 40+ years of experience and certified professionals.

Broker FAQs

Atlantic Asset Management Group welcomes cooperation with licensed real estate brokers. Our broker commission program allows you to earn competitive referral fees when you bring qualified buyers to our auctions. Below are answers to the most common questions brokers ask.

Questions about registration or commissions? Call 757-461-6867 or email wjsumms@atlanticremarketing.com

Commission Structure & Earnings

Your commission depends on whether you submit a Written Bid Agreement with your registration:
Standard Registration (No Written Bid Agreement):
  • 1.0% commission of the final "knock-down" price/high bid
With Written Bid Agreement (submitted 48 hours prior):
  • Up to 3.0% commission of the final "knock-down" price/high bid
  • Written bid must be at least 80% of the final contract price at auction to qualify for the 3% rate
Maximum commission: 3.0% regardless of circumstances
Example: If your client purchases a property for $500,000 at auction:
  • Without Written Bid Agreement: $5,000 commission (1%)
  • With qualifying Written Bid Agreement: $15,000 commission (3%)
A Written Bid Agreement (page 5 of the registration form) is a pre-auction offer your client submits at least 48 hours before the auction. This demonstrates serious buyer intent and helps establish opening bid amounts.
Benefits of submitting a Written Bid Agreement:
  • Earn up to 3% commission instead of 1%
  • Written bids can open the bidding at auction
  • Shows your client is a serious, qualified buyer
  • Creates urgency among other bidders
Important: Your written bid must be at least 80% of the final auction contract price to qualify for the higher 3% commission rate.
Payment timing: Your commission is paid at the final closing of the property after your client has paid all consideration in full.
Payment method: The commission is disbursed by the escrow agent handling the closing, not by Atlantic Asset Management Group directly.
Payment confirmation: Make sure your contact information is complete on your registration form so the escrow agent can process your payment promptly.

Registration Requirements

Critical deadline: All Buyer/Broker Registration Agreements must be submitted no later than noon, 48 hours prior to the auction date.
How to submit:
  • Email completed forms to: wjsumms@atlanticremarketing.com
  • Submissions sent to any other email will NOT be honored
What to submit:
  • Completed Buyer/Broker Registration Agreement (pages 1-4)
  • Have your client's signature on the registration form
  • Make sure your broker license number and state of licensure are identified
  • Written Bid Agreement (page 5), if you want to qualify for 3% commission eligibility
On auction day:
  • Bring your acknowledged copy of the registration agreement
  • Attend and register with your client in person
  • Check in with auction staff before bidding begins
No. Oral registrations do not qualify for commission. You must submit the complete written Buyer/Broker Registration Agreement with all required signatures to be eligible for any commission.
First registration wins. Only the first broker to properly register a prospective client will be honored and eligible for commission. Duplicate registrations are not accepted. This protects both brokers and buyers from confusion and ensures fair treatment. Make sure to register your clients as soon as they express serious interest in a property.
Yes, attendance is required. To receive your commission, you must:
  • Bring your acknowledged registration agreement copy to auction day
  • Attend the auction in person
  • Register with your client on-site
Your physical presence demonstrates your active representation of the buyer and ensures clear communication throughout the bidding process.

Broker Representation & Legal Terms

You represent the buyer/bidder only. By signing the registration agreement, you confirm that:
  • You are acting as the buyer's broker/agent
  • You are NOT a subagent of Atlantic Asset Management Group
  • Atlantic Asset Management Group represents the seller
  • You are representing your client's best interests in the purchase
This is standard buyer agency representation in auction transactions.
No. While the commission structure is outlined in the agreement, Atlantic Asset Management Group is not responsible or liable for payment of commissions/referrals.

Your commission is paid by the escrow agent at closing from the transaction proceeds. This is standard practice in real estate auctions and protects all parties involved.

You cannot receive commission under both agreements. The registered broker commission program cannot be combined with any other co-brokerage or referral agreement between you and Atlantic Asset Management Group.
Choose the arrangement that provides the best outcome for you and your client, but you cannot “double-dip” on commissions from the same transaction.

Written Bid Agreements

Written Bid Agreements serve as opening bids and demonstrate serious buyer interest. Here’s how they work:
Submission:
  • Must be submitted at least 48 hours before auction
  • Must be in U.S. dollar amounts only
  • Use page 5 of the Buyer/Broker Registration Agreement
At auction:
  • Written bids are taken in the order received
  • If multiple bidders submit the same amount, the first one received takes precedence
  • Written bids can open the bidding process
  • Your client can still bid higher during the live auction
Commission benefit: Submitting a written bid that’s 80% or more of the final price qualifies you for up to 3% commission instead of 1%.
Absolutely. The Written Bid Agreement establishes an opening position, but your client can continue bidding during the live auction to compete with other buyers
The written bid protects your client’s interest and shows the seller serious intent, while still allowing full participation in competitive bidding.

Property Access & Client Preparation

Multiple inspection opportunities
  • Scheduled open houses (times listed on property pages)
  • Private showings by appointment through auction staff
  • On-site preview beginning one hour before auction
  • Review detailed photos and documentation online
Recommendation: Always inspect properties in person and bring any specialists your client may need (contractors, inspectors, appraisers, etc.). Properties are typically sold as-is at auction.
Highly recommended. While requirements vary by specific auction (reserve vs. absolute), having your client pre-qualified or pre-approved for financing:
  • Demonstrates they're a serious buyer
  • Speeds up the closing process
  • Prevents post-auction financing issues
  • May be required for absolute auctions
Contact the auction staff at 757-286-6460 for property-specific financing requirements and recommended lenders.

Common Concerns

No exceptions without written seller approval. The broker registration terms are standardized and apply to all participating brokers equally.
If you need an exception, it must be requested in writing and signed by the seller. Standard terms cannot be modified verbally or through informal agreements.
Your responsibilities:
  • Hold harmless and indemnify Atlantic Asset Management Group from any claims regarding commission/referral
  • Acknowledge reading and understanding all agreement terms
  • Ensure your client has inspected the property
  • Abide by auction Terms & Conditions
Your protections:
  • Clear commission structure in writing
  • First-registration priority
  • Escrow disbursement of commission at closing
  • Defined buyer agency relationship
Yes, as long as each buyer is registered separately before the deadline. However, remember:
  • Each registration must be complete with client signatures
  • Each must be submitted at least 48 hours before auction
  • Each buyer competes independently at auction
  • You can only earn commission on the winning buyer

Getting Started

Simple steps:
  • Review current auction listings at our website or call 757-286-6460
  • Identify properties that match your clients' interests
  • Schedule property inspections for your clients
  • Complete registration at least 48 hours before auction
  • Submit to: wjsumms@atlanticremarketing.com
  • Attend auction with your client and receive your acknowledged copy
  • Earn your commission at closing when your client successfully purchases
Atlantic Asset Management Group Broker Support:

Phone: 757-286-6460
Email: wjsumms@atlanticremarketing.com
Address: 1195 Lance Road, Norfolk, VA 23502
William J. Summs
CEO & Auctioneer, CAI, AARE
VA/AL License #619, NC License 10035, TN License 6009
Office Hours: Monday-Friday, 9:00 AM – 5:00 PM EST

Registration Forms (these are specific to each auction, and can be found on the Current Auction Page.

Required forms for broker commission:
Buyer/Broker Registration Agreement (Pages 1-4)
Written Bid Agreement (Page 5, optional but recommended for 3% commission)
Submission email: wjsumms@atlanticremarketing.com
Deadline: Noon, 48 hours before auction

Atlantic Asset Management Group – Serving licensed real estate professionals throughout Virginia, North Carolina, Tennessee, and Alabama. VAF# 359 | NC Firm Lic# 8177

Buyer FAQs

In order for our buyers to be better informed and take confidence in their buying decisions, we have made revolutionary changes in the way property is sold at auction. The answer to questions that you find here reflect our way of conducting real estate auctions. When considering listings of other auction firms, be sure to completely familiarize yourself with the terms and conditions for each property.
Stay informed:
  • Visit our website for current auction listings
  • Sign up for our email auction alerts
  • Follow us on social media
  • Call to speak with an auction specialist
All upcoming auctions are listed at [website], including property details, photos, terms, and scheduled preview times.
Absolutely. We encourage thorough inspection.
Preview opportunities:
  • Scheduled open houses (dates/times listed on each property page)
  • Private showings by appointment with our realtors
  • On-site preview beginning one hour before auction start time
  • Detailed photos and documentation available online
For equipment auctions: We provide detailed asset lists, photos, and specifications. On-site inspection is available during scheduled preview times.
Recommendation: Always inspect before bidding and bring any technical experts you may need (mechanics, contractors, appraisers, etc.).
Highly recommended but requirements vary by property.
Reserve auctions typically allow:
  • Financing contingencies (specified in Terms & Conditions)
  • 30-day closing period for loan approval
  • Time for property inspections
Absolute auctions typically require:
  • Cash or pre-approved financing
  • No contingencies
  • As-is purchase
Best practice: Get pre-qualified before auction day. Contact the listing agent for recommended lenders familiar with auction purchases, or use your preferred mortgage banker.
Simple registration process:
Before auction day:
  • Review property details and Terms & Conditions online
  • Inspect the property during scheduled preview times
  • Secure financing pre-approval (if applicable)
On auction day:
  • Arrive 30-60 minutes early
  • Register at the check-in table with valid ID
  • Receive your bidding number
  • Review property information package
  • Ask auction staff any final questions
During bidding: Simply raise your bidding card when you want to bid. The auctioneer will clearly acknowledge your bid—don’t worry about accidental bids from scratching your nose!
Immediate next steps:
Auction day:
  • Complete and sign the purchase agreement
  • Submit required deposit (amount specified in Terms & Conditions)
  • Deposit held in secure escrow account
Post-auction (30-day typical timeline):
  • Conduct any allowed property inspections
  • Finalize financing (if applicable)
  • Choose your closing attorney
  • Review title work and closing documents
  • Schedule closing date
  • Close and take possession
The closing process mirrors traditional real estate transactions—you have the same protections, title insurance, and legal review.
Most properties convey with a General Warranty Deed—the highest form of property deed providing maximum buyer protection.
This means the seller warrants clear title and defends against any title claims. Specific deed type is always disclosed in the Terms & Conditions for each property.
A Buyer’s Premium is a percentage added to your winning bid to determine the final purchase price. This is common in auction transactions and is always disclosed upfront.
Example:
  • Winning bid: $100,000
  • Buyer's Premium: 10%
  • Total purchase price: $110,000
The Buyer's Premium:
  • Is clearly stated in each property's Terms & Conditions
  • Varies by property (typically 5-10%, sometimes 0%)
  • Covers auction transaction costs
  • Is factored into your bidding strategy
Not all properties include a Buyer’s Premium—review each property’s specific terms before bidding.
Absolute Auction
  • Property sells to highest bidder regardless of price
  • No minimum price or seller approval needed
  • Creates maximum urgency and bidding competition
  • Typically sold as-is with no inspection contingencies
  • Usually requires cash or pre-approved financing
Reserve Auction:
  • Seller sets a confidential minimum price (reserve)
  • Seller retains right to approve or reject final bid
  • May allow inspection periods and financing contingencies
  • More common for high-value commercial properties
  • Provides buyer protection while ensuring seller satisfaction
Both methods are clearly disclosed in each property’s marketing materials and Terms & Conditions.
Our auction properties come from
  • Business owners closing or downsizing operations
  • Commercial real estate investors liquidating portfolios
  • Estate settlements and bankruptcy proceedings
  • Lenders foreclosing on commercial properties
  • Companies relocating or upgrading equipment
  • Partnerships dissolving or restructuring
All properties are professionally marketed with complete transparency. We conduct thorough due diligence and provide detailed property information, disclosures, and documentation to all potential buyers.
Multiple bidding options available:
  • On-site bidding: Attend auction in person (traditional)
  • Online bidding: Participate remotely via our online platform
  • Phone bidding: Bid by telephone with auction staff assistance
  • Absentee bidding: Submit maximum bid in advance
Hybrid auctions (most common) allow both in-person and online bidding simultaneously. Specific bidding methods available for each auction are listed in the property details.
For Sellers: Schedule a free consultation to discuss your property or assets For Buyers: Browse current auctions or join our buyer database
Scroll to Top
Powered by Ultimate Auction Pro