Have you ever heard an auction term and had no clue what it meant? Well, we are here to help you! Make sure to follow our blog to get updates on new posts in this series.

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.”

As is – Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as “As Is, Where Is” and “In its Present Condition.”

Auction – A method of selling property in a public forum through open and competitive bidding. Also known as “public auction” or “auction sale.”

Auction Listing 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 Marketing – The method of marketing assets utilizing the auction method of sale.

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.

Auctioneer – The person whom the seller engages to direct, conduct, or be responsible for a sale by auction. This person may or may not actually call or “cry” the auction.

 

Are you looking for more information on having your own Auction? Contact Atterberry Auction & Realty Co., LLC to see how we can help you! Visit atterberryauction.com, email contactus@atterberryauction.com or call (573) 474-9295.