The auctioneer’s gavel drops and the deal is done. But do you ever wonder what the auction profession is all about?
It is one of the most ancient ways of conducting a sale and determining a price. As the purest form of setting a true fair market value “on the spot,” auction can be one of the best methods for selling anything of value quickly.
But there is a lot more to auction than meets the eye. In the state of Georgia, auctioneers fall under the auspices of the Secretary of State and must be licensed to advertise, conduct, and to close a sale at auction.
In order to auction real property in GA, both an Auctioneer license and a Real Estate Broker license is required, not only by the principle auctioneer, but also by anyone (ring man or ring woman) accepting bids from attendees.
All auctions in Georgia are auctions with reserve by default. However, if an auction is advertised as “Absolute,” an auctioneer must accept any bid on the property. In addition, neither the seller nor anyone bidding on behalf of the seller may participate in an absolute auction.
And most importantly of all: When the gavel drops and the auctioneer cries “SOLD” the sale has become legally binding and both buyer and seller are obligated to perform.
If you have any questions regarding auction in your area, feel free to ask any auctioneer about how it works and if it might present a good alternative for you for selling your property or property that you have listed.
Auctioneers love to talk about auction.
After all, it’s our big mouths that got us into auction in the first place!
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