Real Estate Auctions Buyer Involvement
When participating in real estate auctions, the buyer should be aware of all the auction processes and terms. We strive to make sure that our seller's and buyers are fully informed of the contract agreements and other pertinent information to the property up for auction. If the seller and buyer are both well informed, they will be more comfortable placing bids and the real estate auction is sure to be a successful event. The bid acknowledgment is a way of making sure the buyer knows and has all the important information to form the correct bid description and acknowledgement of bid price. The best buyers are the most informed buyers because they fully understand the real estate auction process as a whole and the bidding process.
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.myersjackson.com/
A form executed by the high bidder confirming and acknowledging the bidder's identify, the bid price and the description of the property. Also known as Memorandum.