Posted by DoubleR on March 16, 2013 at 07:39:33 from (198.105.230.174):
In Reply to: Tractor auctions posted by Harvey 2 on March 15, 2013 at 15:02:32:
I always make sure of the terms when I sign in. If there's a buyers premium I usually don't buy. I also make it clear that anything I buy will be farm use and tax except. I may have to fill out a form for my tax except status if the auctioneer doesn't already have one on file. Most farm sales in Michigan, where I live, don't have sales tax or buyer premiums. It normally the consignment sales where you have to watch. I was at a farm sale a few years ago here where they did have a 10% buyers premium. It was a popular Mi. Auction Co. too that normally never has a B.P. They sold some 100,000 dollar plus pieces of equipment. I though there was going to be a riot afterwords when a couple of farmers found out there bill was over 10,000 dollars more than they thought it was going to be. I know I sure as heck would have checked the terms before I spent that kind of money, not that I would ever have that kind of money to spend.
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