Different Types of Auctions[i]
- Absolute auction. The property is sold to the highest bidder with no limiting conditions of amount
- Auction with a published minimum bid or reserve price. The minimum bid sets a bottom price for the biding, but the seller still reserves the right to accept or decline the bid at any time before the completion of the auction.
- Unpublished reserve auction. The seller reserves the right to establish a reserve price, accept or decline any bids or to withdraw the property at any time prior to the auctioneer announcing the completion of the sale.
- Sealed–bid auction. Confidential bids are submitted to be opened at a predetermined place and time. It’s not a true auction in that it does not allow for reaction from the competitive market place. A sealed bid allows the seller to select a buyer on criteria other than price, such as ability to obtain financing
[i] Source: National Auctioneers Association, www.auctioneers.org
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