Although that same auctioneer said he would sell my collateral for free, he needs what seems to be a large up-front retainer to cover advertising. What’s this for?
This is common with many auction companies. Unscrupulous auctioneers will demand a deposit that is normally double of what the normal advertising expenses are estimated to be. Why? This guarantees the auctioneer a minimum fee in the event the auction bombs. Good for the auctioneer, bad for the lender.
Related Questions
- Although that same auctioneer said he would sell my collateral for free, he needs what seems to be a large up-front retainer to cover advertising. What’s this for?
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- An auction company solicited us and said they would sell our collateral for free. What’s up with that?
