The particular rules and procedures of absentee bids are unique to each auction company. The seller may not bid personally or through an agent. Also known as an Auction without reserve. A report issued to the seller by the auctioneer detailing the financial aspects of the auction. An auctioneer who is in training, operating under the supervision of a licensed or experienced auctioneer.
Buyers are solely responsible for examining and judging the properly for their own protection.
A method of selling real estate 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 right and responsibilities of each party. An individual who contracts with sellers for the auction method of marketing property. In the case of real property, he or she may not actually conduct the sale but is directly responsible for all aspects of marketing the property.