Here are some terms that auctioneers use....
Absentee Bid -- A procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. The particular rules and procedures of absentee bids are unique to each auction company.
Absentee Bidder -- A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is the top price he or she will pay for a given property.
Absolute Auction -- An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve.
Auction with Reserve -- An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time..
Bid Rigging -- The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.
Bidder's Choice -- A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.
Buyer's Premium -- An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.
Conditions of Sale -- The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.
Estate Sale -- The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.
Minimum Bid Auction -- An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auctions.
Reserve -- The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the reserve price.
Reserve Auction -- An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. See also Auction With Reserve.
Sealed Bid -- A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive market place.
Tie Bids -- When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer.
Withdrawal -- Failure to reach the reserve price or insufficient bidding.
Here Are Some Frequently Asked Questions
How do I buy at the Auction?
You must register with the auction company. They will need your Name, Address,
Phone #, and your Drivers License #. You will then be issued a Bidders Number.
What is a Bidders Number?
A bidders number is your identity at the auction. This is how you buy at the Auction.
When can I buy things?
You can start buying as soon as you have your bid number and the Auction starts.
When do I pay?
You should pay after you are through purchasing all the items you are interested in. This will keep you from having to get a new bid number and makes for a faster check out process.
