Top 5 Beginner Auction Terms
Auctions are a great way to acquire new real estate. From country homes, land, and personal property such as vehicles, antiques, and much more - you name it, it can be auctioned! If you're attending your first auction in the future, here are five terms to know before you begin bidding.
1. Fair Warning - This warning comes from an auctioneer when the auction is nearing the end. This is your final option to be the winning bid.
2. Absentee Bid - If you're unable to attend an auction you may consider an absentee bid! This allows you to bid without being at the auction physically.
3. Bought-In - Bought-In means the property for auction did not meet the required sales price. The seller remains the sole owner. Often times, the property will either go back to auction at a later date, or be listed as a traditional listing.
4. Bid Increment - The increments in which the auctioneer increases bids.
5. Reserve Price - This is the confidential price agreed on by the seller and auctioneer that the property must sell for.
Now that you have some basic terms down, give us a call! We have auctioneers all over Ohio to help you sell anything from a rural country home to farm equipment. Call us at (740) 965-1208!