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Absolute
Auction:
An auction where the property is sold to the highest qualified bidder with
no limiting conditions or amount. The seller may bid personally or through
an agent. Also known as an auction without reserve.
Reserve
Auction:
An auction in which the seller reserves the right to establish the lowest
price they will consider to sell the property and to accept or decline any
and all bids or to withdraw the property at any time prior to the
announcement of the completion of the sale by the auctioneer.
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.
Sealed-Bid
Auction:
A method of sale utilized where confidential bids are submitted to
the auction company prior to the sale to be opened at a predetermined
place and time. Not a true auction in that it does not allow for reaction
from the competitive market place.
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Florabama Auction Services