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. Agent - A person who acts for or in the place of another individual or entity by authority from them. Appraisal - The act or process of estimating value.
Buyers are solely responsible for examining and judging the property for their own protection.
Auction Agreement - 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. 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. Bids are usually in standardized increments established by the auctioneer. Bid Assistants - Individuals who are positioned throughout the attendees at the auction to assist the auctioneer, spot bidders and assist prospective bidders with information to help them in their buying decision.