Auctions come in Various Flavors...
A Realtor sometimes sets Bid Dates for all Offers to be Presented to a Seller by a certain date/time.
There is also the Written Bidding when a seller wants to SELL QUCKLY...an open house is held on a weekend and buyers can choose to make a written bid or not. At the end of the Bidding, verbal bidding occurs until a Final Bid is accepted by the Seller.
Auctions: There are various terms and conditions for a particular auction. Be sure to preview the property as well as the Conditions for Bidding before atttending any auction. Pre-approval, all Cash, property "As Is", Closing Costs, etc. sometimes complicate the Auction Process. It is recommended that the services of a local, professional realtor assist in obtaining complete information on the property as well as the Auction Process.
| Auction with No Reseve. | Bidders sign in to bid and the Highest Bidder Wins. |
| Auction with a Hidden Reserve. | The Bidding continues and stops with the Highest Bid; but the seller can refuse the sale if the price doesn't meet with their approval.. |
| Bidding with Minimum Starting Bid. | The Minimum opening Bid is Stated and the Bidding starts from this point. |