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. Agent A person who acts for or in the place of another individual or entity by authority from them. The act or process of estimating value.
Buyers are solely responsible for examining and judging the property for their own protection.
Auction A method of selling real estate or personal property in a public forum through open and competitive bidding. The podium or raised platform where the auctioneer stands while conducting the auction. A contract executed by the auctioneer and the seller, which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party. The method of marketing real property utilizing the auction method of sale. The plan for pre-auction, auction day and post auction activities.