"There are several variations of the auction form including time limits, minimum and maximum limits on bid prices and special rules determining the winning bidder and the sales price.

Maximum bid (I have heard it called and absolute bid but check on this) means that the property will be sold to the highest bidder (or sold at any price).

The minimum bid auction will allow the seller to pick the lowest price that it will be sold at.  

Auctions are generally funded by sales commissions, paid for by the seller, but each auction house has some specific rules that should be understood before hand."

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