Does the bidding start at a certain price?

Does the bidding start at a certain price?

by | Jan 6, 2025 | Auction News

 Does the bidding start at a certain price? Not always. If no minimum is announced, bidding starts at the starting bid or the initial offer.     For Other Questions About Auctions & Auctioneers CLICK THIS LINK For all active auctions and properties for...
What is a minimum bid?

What is a minimum bid?

by | Jan 6, 2025 | Auction News

 What is a minimum bid? The announced starting amount for bidding. Minimum bids are different from starting bids. The sellers agrees to accept the price at which the minimum bid has been set.     For Other Questions About Auctions & Auctioneers CLICK...
How do I know if an auction is absolute?

How do I know if an auction is absolute?

by | Jan 6, 2025 | Auction News

 How do I know if an auction is absolute? It will explicitly state “absolute” in the auction listing. The Uniform Commercial Code 2-328 states that an auction is presumed to be an auction with reserve unless stated absolute or without minimum bid.  ...
What does “As Is, Where Is” mean?

What does “As Is, Where Is” mean?

by | Jan 6, 2025 | Auction News

 What does "As Is, Where Is" mean? You are buying the property in its current condition with no guarantees. Read the Terms and Conditions of Sale in completeness.     For Other Questions About Auctions & Auctioneers CLICK THIS LINK For all active...
What is an “absolute auction”?

What is an “absolute auction”?

by | Jan 6, 2025 | Auction News

 What is an "absolute auction"? An absolute auction means the property will sell to the highest bidder regardless of price. However, there are rules that govern the offer and acceptance in strict dictation of the The Uniform Commercial Code 2-328.     For...