Estate Auction Types
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.
With Reserve (Subject
To Owners Confirmation)
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.
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