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Robert S. Bottone & Robert F. McCook, Jr., Auctioneers

 

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AUCTION TERMS:

 

As Is: Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as "As Is, Where Is" and "In its Present Condition."

 

Auction Listing Agreement: A contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.

 

Reserve Auction: An auction in which the seller or his agent reserves the right to accept or decline any and all bids. 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.

 

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.

 

Bidder's Choice: A method of sale whereby the successful high bidder wins the right to choose an asset or assets from a grouping of similar or like-kind assets. After the high bidder's selection, the asset is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing an asset, which is then deleted from the group and so on, until all assets are sold.  Also known as “Buyer’s Choice.”

 

Buyer's Premium: 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.

 

Cooperating Broker: A real estate broker who registers a prospective buyer with the auction company, in accordance with the terms and conditions for that auction. The broker is paid a commission only if his prospect is the high bidder and successfully closes on the property. Also known as a “participating broker”.

 

Due Diligence: The process of gathering information about the condition and legal status of assets to be sold.

 

Estate Sale: The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.

 

Minimum Bid Auction: 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.

 

Multi-Property Auction: A group of properties offered through a common promotional campaign. The properties to be auctioned may be owned by one seller or multiple sellers.

 

On-Site Auction: An auction conducted on the premises of the property being sold.

 

Preview: Specified date and time property is available for prospective buyer viewing and audits. Also known as “Open House” or “Inspection”.

 

Reserve Auction: The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as “reserve price”.

 

Sealed Bid: A method of sale where by confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive marketplace.

 

Subject to Confirmation: See "Reserve Auction"

 

Terms and Conditions: The printed rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or distributed to potential bidders prior to an auction sale.

 

Tie Bids: When two or more bidders bid exactly the same amount at the same time. This must be resolved by the auctioneer.

 

Withdrawal: Failure to reach the reserve price or insufficient bidding.


Remember, when comparing auction companies and auctioneers, average is not good enough.
A successful auction doesn’t just happen it is planned that way.


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