Real Estate Auctions: Understanding High Bidder's Choice

By
Services for Real Estate Pros with Auctioneer, Texas Flip N Move 17057

 

How High Bidder's Choice is Used in Real Estate Auctions

When people attend real estate auctions, they will most likely encounter real estate auctions that are held at high bidder's choice. Not everyone is quite sure what that means, and it is actually a great opportunity for any motivated buyer who is ready to seize the opportunity for what most of the time is a great bargain. At a real estate auction, high bidder's choice is the option given to the highest successful bidder to choose a certain property or group of properties in whichever grouping that they prefer. For examples there could be a real estate auction held for 21 different lots and the high bidder can pick any lot or even group together any lots 1-21. It is the special advantage that the high bidder assumes and has over the other bidders. After the high bidder has made his/her selections, the second round of bidding begins and the rest of the bidders are left to pick from any of the lots still available. Real estate auctions held at high bidder's choice give the most interested buyer the opportunity to select from the very best by having the ability to have the first choice.

Many people are interested in real estate auctions, but may not know or understand the auction business and how to participate in real estate auctions. By posting definitions and examples I hope to give a better understanding of real estate auctions terms. These terms are direct definitions given by NAA (National Auctioneers Association). You can view more real estate auction terms at http://www.myersjackon.com

 

Bidder's Choice

A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.

 

 

 

 

 

 

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Ambassador
1,894,639
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
I've been to a couple of these auctions in the past.  Haven't seen one for awhile in our area for awhile as we seem to be selling more houses than lots which is where I have seen it before.
Feb 27, 2008 11:52 PM #1
Rainer
61,539
Dorene Shirley
The Mortgage & Property Connection - Campbell, CA
Silicon Valley Real Estate
Myers - I have no experience with auctions, how does the real estate agent get paid? I know I keep getting invited to a local company to come to their "luncheon".  I've not gone...they don't have much of an enticing delivery (personality defect I'm sure:-).
Feb 27, 2008 11:55 PM #2
Rainmaker
490,843
Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Hello Meyer:

A good friend of mine is from your part of the country. He is an outstanding auctioneer --- you might have heard of him Jerry daye and Manson Silk, Both were instructors at my AARE course that I took here in San Diego. Here in California we are still not quite sold on auctions as a method of selling real estate. You are with a great company.

Feb 28, 2008 12:02 AM #3
Anonymous
Russell Bandemer

Is there a computer program for Bidder's Choice

Feb 06, 2019 10:00 AM #4
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Rainmaker
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Myers Jackson

America's Auctioneer
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