Auction Zone, Reserve Auctions, Open Auctions and more
Here is the start page for auction information. Open auction, reserve auction, absolute auction what’s the difference. The goal of the auction zone is to help you understand and find valuable information on auctions.
Please continue reading to find answers to some basic questions on auctions.
First things first. What is an auction?
An auction is the process for selling items or goods, that includes real estate, cars, planes, computers, jewelry and more, to the highest bidder.
What are the different types of auctions in the United States?
There are many types of auctions in the US. We won’t get into all of them. There are 2 main types of auctions that we will deal with in the United States, the open auction, where people gather and view an item then each person signal their bid to the auctioneer.
Sealed bid auctions are another type of auction. Mailing, posting or phoning in your offer for the item. It’s all anonymous, you don’t see the bids that others made on the item. The auctioneer or company holding the auction will check the offers at a certain time, then notify the winning bidder.
What is a reserve price in an auction?
Auctions can have a set price attached to the item that the seller of wants to receive. Reserve auction price is that secret dollar amount that the seller wants for the item.
Bids that do not reach that hidden price the item is not sold, the item might be withdrawn then relisted. Sometimes the property might be relisted with a different price or some other incentive.
What’s an absolute auction sale?
An absolute auction is an auction where whatever the highest bid is, the bidder will win the item. An absolute auction has no set price, the highest price wins. Some absolute auctions will set the opening bid at the price that the seller actually wants for the item. This way any bids above that price just increases the amount the seller was actually looking for, and will receive. The great thing is that you will receive the item whatever the bid is.
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