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. This method is by far the best auction method. It lets buyers know that the property will be sold to the highest bidder regardless of price.

Auction With Reserve (Subject To Owners Confirmation)

An auction in which the seller or his agent reserves the right to accept or decline any and all bids or no sale the property.  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.

Minimum Bid

An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auctions.