Horse auctions are a great option for both buyers and sellers. However, if you are interested in buying or selling horses at auction, there are several things you should know. By fully informing yourself prior to your auction, you can help ensure that your experience is smooth and beneficial to all involved parties. In this article, we discuss some things to know before buying and selling horses at auction.
What to Know as a Seller
If you are planning on selling a horse at auction, below are some important things to know:
- As a seller, you will probably be charged an entry fee and up to 10% of your horse’s selling price for the chance to participate in the auction.
- Prior to participating in the auction, you should determine whether you are allowed to buy back or place a minimum bid requirement on your horse.
- Before placing your horse up for auction, you should wash, clip, and shod it.
- If your horse is registered, make sure that it is registered in your name. Otherwise, it may be difficult for you to prove that you have the legal authority to sell it.
- Finally, you should be prepared to have to wait to be paid. Most auction companies won’t pay you until the purchaser’s check has cleared the bank.
What to Know as a Buyer
If you are planning on purchasing a horse at auction, keep the following in mind:
- As a buyer at auction, you are purchasing the horse as is. In other words, you are accepting any deficiencies with the animal upon purchase. Therefore, you should pose any questions you may have regarding the soundness of the animal prior to bidding.
- Building on the point above, you should ask extensive questions prior to bidding on a horse. Examples of questions to ask include:
- Does the horse have any physical problems?
- How much training has the horse had to date?
- What are the horse’s strongest and weakest traits?
- How long have you owned the horse?
- Be sure to arrive at the auction early to observe the horses being offered for sale. Auctions will often designate a time for prospective buyers to preview each horse. During this period, buyers can watch horses perform various tasks.
- If you plan on bidding on a particular horse, you should register with the sales office prior to the beginning of the auction and have your bidding number handy. There isn’t a cost associated with this, and it will help ensure that your transaction goes smoothly.
- Finally, it is recommended that you attend at least one auction prior to bidding to familiarize yourself with the process. Doing so will help ensure that you are prepared when you are finally ready to make a bid.
Contact a Wellington Equine Law Lawyer
If you are interested in buying or selling a horse in Florida, you need a knowledgeable equine law lawyer on your side. An experienced Wellington attorney will help you avoid common pitfalls and ensure that your transaction is legally sound. Please contact us today to arrange a free initial consultation with an experienced equine law lawyer.