AUCTION TERMINOLOGY

AUCTION STRATEGIES:

• WITHOUT RESERVE/ABSOLUTE: In an absolute auction, the property will be sold to the last and highest bidder regardless of price.
   
• WITH RESERVE: Under a reserve auction the auctioneers will submit the highest and best bid to the seller. The seller has the right to accept or reject that bid.
   
• WITHOUT RESERVE/SUBJECT TO A MINIMUM BID: This is an auction where the seller agrees to sell the property at or above a published minimum bid price.

AUCTION FORMATS:

• SINGLE SELLER AUCTION: This is ideal for a property with a high profile or a very specialized market.
   
• SINGLE SELLER/MULTIPLE PROPERTY AUCTION: This format allows multiple offerings at a single location and time.  If all the properties are in the same market, this efficiency can reduce overall marketing expense.
   
• MULTIPLE SELLER/MULTIPLE PROPERTY AUCTION: This applies to properties within a single geographical area or to similar properties in a large geographical area. This format lets multiple sellers pool their properties and resources to create a larger auction event of great combined interest.

METHODS OF BIDDING:

•  BIDDERS CHOICE:  At some auctions we use a method of selling called “Bidders Choice”. First there is a round of bidding to determine the price of the parcel. Second, as the successful bidder, you have your choice of  parcels. You may choose one parcel or as many parcels as you like.