Buyers & Bidders Tips
1. Inspect items carefully in advance of the
2. Bid promptly to obtain your item.
3. Be ready for the auction process to start as a
registered bidder with bid card and number in hand.
Absolute Auction - An auction where the property is
sold to the highest qualified bidder with no limiting conditions or amount. The
seller may not bid personally or through an agent. Also known as an
auction without reserve.
"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."
Bid Assistants - Individuals who are
positioned throughout the attendees at the auction to assist the auctioneer,
spot bidders, and assist prospective bidders with information to help them in
their buying decision. Also known as ringmen, bid consultants, bid
spotters, or groundsmen.
Caveat Emptor - A Latin term meaning "let the buyer beware." A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.
Hammer Price - Price established by the last bidder
and acknowledged by the auctioneer before dropping the hammer or gavel.
Opening Bid - The lowest acceptable amount at which the bidding must commence.
Preview - Specified date and time property is available for prospective buyer viewing and audits. Also known as Open House or Inspection.