Auction Terms You May Hear

• Absolute Auction - the property will be sold to the highest and best bidder.  No minimums or reserves.  Some auctions may have certain pieces to be sold absolute while others are offered with reserve.  Check with one of the auction team for further information.
• Reserve or Minimum Bid - the seller has a minimum price that will be accepted for a property.
• Bid on one take as many as you want - when an auction has multiple items of the same thing the auctioneer will "bid on one take as many as you want".    The high bidder has the option of taking more than one at the same bid amount.
  
  Example:  10 chairs all the same, you are the high bidder for 1 of the chairs at $25 dollars.  You want 6 chairs, the total will be $150.00.
  
  
• High bidder has choice - again if you have multiple items of the same thing the high bidder can choose which one they want.
• Selling by the acre - there are 10 acres,  the auctioneer is selling 1 acre X 10.  Example:  all 10 acres are selling at one time, by the acre.  The high bidder bids $2,500.00 an acre X 10 acres = $25,000.00.
• Buyer Premium - is an amount of money, it can be a flat dollar figure but most of the time it is a percentage of the bid price that is added to the bid price to determine the total sales price.
  
  Example:  Assume there is a 10% buyer's premium.  If you bid $1,000.00, the total sales price will be $1,100.00.  ($1,000.00 plus $100.00 buyer's premium).

How To Bid

Register to bid, most auction companies require a driver's license.  Ask for a catalog of the auction showing the lot numbers & description of the items.

Inspect each item that you may be interested in.  If an item doesn't work or is damaged can I return it?  NO, most auctions have an inspection time.  Usually all property is sold "AS-IS, WHERE IS" with no guarantees as to the condition or quality.  This does not mean the auction company is trying to hide anything.  Most auction companies do not own the property that is being sold, therefore they do not have knowledge of each item.  IF, we have knowledge of a defect we will inform the bidders.

If you cannot understand the auctioneer ask one of the ringmen what the bid is.  An auctioneer cannot do his job if you can't understand him.  If you would like to bid raise your hand or tell the ringmen "yes".

If you have any questions please feel free to ask one of the auction team members.

An Auction is a Fun and Exciting Event.  Remember, we cannot have an auction without bidders.  Don't be shy!  If this is your first auction,  ask for assistance.  No two auctions are the same.