What are the types of auctions?
• Absolute Sale The absolute sale is the purest, and in many cases, the most successful form of auction in terms of getting the highest price for property. With this type of sale, the property is sold regardless of price. This sends a strong message to the bidding public that the property will be sold for sure on auction day. Buyers can justify their time and effort knowing the property will be sold on auction day at their price. If the buyer feels he or she can buy the property at their price, then the buyer is more likely to bid. The buyer also realizes that a bid must be submitted because the property will be sold on a certain day and that there is ” no tomorrow” to negotiate with the seller. Through aggressive bidding, true market prices can be obtained at auction. While the seller has a risk of being forced to sell the property at a price that is too low, the advantages of this type of auction far outweigh the risks. • Reserve Sale With this type of auction there is no published a
