Here is the start page for auction information. We provide sources for you to reach your goals. We’ll add more information and answers to questions on this page, you can come back as often as you like. Please continue reading to find answers to some basic questions on auctions.
First things first. What is an auction?
An auction is the process for selling items or goods, that includes real estate, cars, planes, computers, jewelry and more, to the highest bidder. Therefore, you can expect to find all sorts of items at an auction.
What are the different types of auctions in the United States?
There are many types of auctions in the US. We won’t get into all of them. There are 2 main types of auctions that we will deal with in the United States, the open auction, where people gather and view an item then each person signal their bid to the auctioneer.
The second is the sealed bid auction. This is done through either mailing in or posting your offer for the item. You don’t see the bids that others made on the item. The auctioneer or company holding the auction will check the offers at a certain time, then notify the winning bidder.
What is a reserve price in an auction?
Many items up for auction have a set price that the seller wants to receive. If the bids do not reach that price the item is not sold, the item might be withdrawn then relisted. Sometimes the property might be relisted with a different price or some other incentive.
What’s an absolute auction sale?
An absolute auction is an auction where whatever the highest bid is, the bidder will win the item. With an absolute auction there is no reserve price set. Some absolute auctions will set the opening bid at the price that the seller actually wants for the item. This way any bids above that price just increases the amount the seller was actually looking for, and will receive. The great thing is that you will receive the item whatever the bid is.
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