Types of Auctions
Means property sells regardless of price with no minimums or reserves. No Bid-Ins, No Buy-Backs. At an Absolute Auction you are not bidding against the owner(s) of the property. This auction method will net the seller(s) the highest possible price because the buyers trust that the auctioneer will sell to the TRUE marketplace and there will be more buyers in attendance at the auction.
Means that the seller(s) reserve the right to Bid-In or Buy-Back the property. At an unreserved auction, the owner can bid. Thus, UNRESERVED means the property 100% will sell, but the seller might be the buyer.
Means the property sells subject to a disclosed minimum price. You do not bid against the owner(s).
Means property sells subject to owner’s confirmation. This auction type allows the seller(s) to accept or reject the auction value(s). You do not bid against the owner(s) at a Reserve Auction.
All Auctions, by law, have a Reserve UNLESS they are advertised as ABSOLUTE. In an Unreserved Auction, you may or may not be bidding against the owner and the property may sell to the owner.