An auction of one or more properties conducted in a meeting room facility.
Bank Letter of Credit:
A letter from a bank certifying that a named person is worthy of a given level of credit. Often requested from prospective bidders or buyers who are not paying with currency at auctions.
A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.
A form executed by the high bidder confirming and acknowledging the bidders identify, the bid price and the description of the property. Also known as Memorandum.
Individuals who are positioned throughout the attendees at the auction to assist the auctioneer, spot bidders and assist prospective bidders with information to help them in their buying decision. Also known as ring men, bid consultants, bid spotters, or grounds men.
The person who actually "calls," "cries or "auctions" the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as the auctioneer.
The cancellation of a bid by either buyer or seller.
Bid Retraction: A cancellation of the bid by the seller.
The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.
Emailing another sellers bidders and offering a lower price or better terms (not ethical)
The number issued to each person who registers at an auction.
The package of information and instructions pertaining to the property to be sold at an auction event obtained by prospective bidders at an auction. Sometimes called a bidder packet or due diligence package.
A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.
A list that blocks certain bidder from participating in your auction. On
eBay it’s known as a "blocked bidder" list.
An arrangement for third-party brokers to register potential bidders for properties being sold at auction for a commission paid by the owner of the property or the auction firm.
Buy Price or Buy it Now Price:
A price that the seller agrees to sell an item. Auctions will automatically close when a buy it now option is chosen. On Ebay the “Buy it Now” option is only available at the sellers discretion and no longer exists after a first bid is made.
A real estate broker who represents the buyer and, as the agent of the buyer, is normally paid for his/her services by the buyer.
An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.