Frequently Asked Questions
How to Sell
Depending on their needs, sellers can list their equipment in our weekly online or onsite auctions.Whether the auction is online or onsite, bids can be placed online so buyers from around the world can participate.Once payment is confirmed, our integrated transportation partner VeriTread will help buyers transport items from your location or the auction site.
Items in our weekly Featured Auctions and Onsite Auctions are sold without a reserve price.
However, for items in our weekly Featured Auctions we use our unique algorithm to set an opening bid at a level that will be appealing to bidders yet giving you the highest sale price possible.
The time-frame and work effort required to complete an appraisal will vary based on several factors including the number, type, age, condition, location(s), and accessibility of the equipment units in scope. A relatively simple appraisal engagement will typically be completed within 2 to 3 weeks of receipt of a signed engagement letter. More complex appraisals will typically take more time. Of course, we will always ensure every effort to meet your specific requirements.
The definitions of these 3 premises of value are outlined below:
- Fair Market Value (FMV) - Defined as the amount expressed in terms of money that may reasonably be expected for property in an exchange between a willing buyer and a willing seller, with equity to both, neither under any compulsion to buy or sell and both fully aware of all the relevant facts, as of a specific date.
- Orderly Liquidation Value (OLV) - Defined as the estimated gross amount expressed in terms of money which could be typically realized from a sale, given a reasonable period of time to find a purchaser(s), with the seller being compelled to sell on an as-is where is basis, as of a specific date.
- Forced Liquidation Value (FLV) - Defined as the estimated gross amount expressed in terms of money which could be typically realized from a properly advertised and conducted public sale, with the seller being compelled to sell with a sense of immediacy on an as-is where-is basis, as of a specific date.
It depends on how many pieces and what type of equipment you would like to sell as part of a package deal. Please call IronPlanet Customer Care at 1-888-433-5426, if you would like more details.
Tax Free Exchanges
In most cases, yes. This would be a "reverse exchange". As long as the requirements of Internal Revenue Code Section 1031 are satisfied, especially with regards to timing and money flow, 1031 Exchanges can be either a forward exchange (sell then buy) or a reverse exchange (buy then sell).
There is a time limit in within which the sale and purchase must be completed for the transaction to qualify for a Tax Free exchange. It is important to start the process right away to take advantage of the timing issues and to be fully eligible under Code 1031.