There are two types of auctions, Auctions with Reserve and Absolute Auction. If you ever see just the word "AUCTION" it typically means it is with reserve. As a seller, you can decide what type auction you want to have.
Selling Real Estate at Auction can typically generate the best results.
TYPES OF AUCTIONS
Absolute Auction
The property is sold to the highest bidder, regardless of the price.
Since a sale is guaranteed, buyer excitement and participation are heightened.
Selling Absolute generates maximum response from the market place. Prospective bidders will take the auction more seriously and invest time into coming to the auction.
The majority of our auctions are Absolute.
Reserve Auction
If there is a high mortgage or a minimum the sellers wish to obtain,
the seller can reserve the right to accept or reject the final bid.
The main disadvantage of a Reserve Auction is that prospective buyers may not invest the time and expense of due diligence when there is no certainty they will be able to buy the property even if they are the highest bidder.
Jay Cash
615-785-8982
2ND GENERATION AUCTIONEER
LICENSED IN TN•KY•IL•MO
Certified Estate & Benefit Auction Specialist
Reserve Tennessee State Champion Auctioneer
OFFICES IN TENNESSEE | KENTUCKY
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