Beginners Guide to Auction Terms
"SOLD!" is what you typically think of when you hear about auctions, but what about everything leading up to that satisfying four letter word? We've compiled our top five auction terms for beginner bidders to know! Even if you're a seasoned veteran, it's always good to refine your knowledge!
- Reserve - A reserve is the minimum amount the owner will take for the property or personal property. Anything below will be unaccounted for.
- "As Is" - This is property that will be sold as is and without any warranties. We recommend viewing the property before bidding to ensure you know what you're bidding on.
- Online Auction Only - Growing increasingly more common since the COVID-19 outbreak, online only auctions require bidders to bid and view the property from their mobile device, such as a laptop or smartphone. The begin and ending date will be visible for bidders.
- Paddle Number - A paddle number is given to each bidder before the auction begins. The paddle number represents each bidder and lets the auctioneer know when a new bid has been placed.
Auctions are a great way to sell property quickly. If you're interested in auctioning off property, we're more than happy to help. Give us a call or visit our Facebook page to learn how we can help you with any and all your auction needs.