This truly depends on the specific equipment, its condition, maintenance record, and projected use – among other things. A WCA equipment specialist will help you determine what (if any) repairs or reconditioning would be most advantageous to you. We never recommend any repairs that do not promise to increase equipment value. Instead, we focus only on those repairs (such as windows or seats) that have proven to increase sales price.
Fair Market Value (FMV) – The amount of money that may reasonably be expected for property in an exchange between a willing buyer and a willing seller. Orderly Liquidation Value (OLV) – The estimated amount that 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 basis, as of a specific date. Forced Liquidation Value (FLV) – The estimated amount that could be typically realized from a properly advertised and conducted public sale, with the seller being compelled to sell.
The term “Tax Free exchange” is a reference to Internal Revenue Code Section 1031. This law allows taxpayers to trade one piece of property for another without paying federal income taxes on the transaction provided certain qualifications are met. This allows a taxpayer to sell an old piece of property and defer the federal income taxes they would have paid on the sale of that old property into the purchase of new property.
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 regard to timing and money flow, 1031 Exchanges can be either a forward exchange (sell then buy) or a reverse exchange (buy then sell).
WCA prides itself on our TruMarket™ Appraisals. These appraisals are consistently the most accurate in the industry. The time frame required to complete an appraisal varies and is based on several factors including the number, type, age, condition, location(s), and accessibility of the equipment. In general, we can provide a TruMarket Appraisal within 3 business days. More complex appraisals typically take more time.
After you have signed the WCA consignment form, you need to provide us with the title for the equipment (if it has one). Please provide the original title or a copy of the original title no later than one week prior to the auction. All titled items should have current registration or current non-Op status. The seller should be listed on the front of the title as the registered owner. In many cases WCA can help you resolve oustanding title issues. Please speak to a WCA title specialist for further details.
Yes, you can provide us with an unsigned title. When you sign your sales contract, you are authorizing WCA to sign the title on your behalf.