Auctions | Video | Terms

Auction Terms:

• Absolute Auction – An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. Also known as an auction without reserve.
  
• Reserve Auction – An auction in which the seller reserves the right to establish a reserve price to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer.
  
• Market Value – the highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale.
  
• Absentee Bid – A bidder is allowed to participate in the bidding process without being physically present.
  
• 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. Also known as ringmen, bid consultants, bid spotters or groundsmen.
  
• Terms and Conditions – The printed rules of the auction and certain aspects of the Purchase & Sales Agreement that are read and/or distributed to potential bidders prior to an auction sale.
  

* Note: All Auction Terms are from the National Auctioneers Association