Types of Auctions

Absolute Auctions

Means property sells regardless of price with no minimums or reserves. No Bid-Ins, No Buy-Backs. At an Absolute Auction you are not bidding against the owner(s) of the property. This auction method will net the seller(s) the highest possible price because the buyers trust that the auctioneer will sell to the TRUE marketplace and there will be more buyers in attendance at the auction.

Unreserved Auctions

Means that the seller(s) reserve the right to Bid-In or Buy-Back the property. At an unreserved auction, you are bidding against the owner(s) of the property. This auction type is legal, but very misleading to buyers. In addition, the property may never even sell to the true marketplace, often wasting the buyer’s time.

Minimum Bid

Means the property sells subject to a disclosed minimum price. You do not bid against the owner(s).

Reserve Auction

Means property sells subject to owner’s confirmation. This auction type allows the seller(s) to accept or reject the auction value(s). You do not bid against the owner(s) at a Reserve Auction.

Note

All Auctions, by law, have a Reserve UNLESS they are advertised as ABSOLUTE. In an Unreserved Auction, you are bidding against the owner and the property may sell to the owner.