An auction accelerates the process of a transaction. Time is money and savings for a seller that result from an expedited marketing program can create similar savings that are passed on to a buyer. Auctions are fun!
The process is actually pretty simple. Select the item you want, listen for the opening price from the auctioneer, and join in the bidding process. If another person subsequently bids higher, it’s up to you to decide whether you want to place another bid or bow out of the process. The highest bidder, as declared by the auctioneer, becomes the owner of that item.
In order to participate in the live auction, prospective bidders must register online prior to the auction.
The “drop of the hammer” and the declaration of “SOLD” are interchangeable terms at an auction, and with that declaration as the successful bidder you have entered into a legally binding contract of purchase and sale. At that point, you will sign the formal contract of purchase and sale and pay the deposit for the item, in addition to the auction administration fee, as described in “what are the auction payment terms”.
All items sell to the highest bidder regardless of price. Prices are established by bidders. The auctioneer will announce if the item is offered with or without reserve.
The auction will be held in a traditional setting with an auctioneer and buyers attending in person by video.