CONTRACT FOR SALE OF REAL ESTATE – Allen Auctions – Lexington Kentucky – Tom Allen Auctioneer, Broker & Licensed Appraiser

Different Types of Auctions

Absolute: An auction where the property is sold to the highest qualified bidder with no limiting conditions or minimum amount. The seller may not bid personally or through an agent. An absolute action is also known as an auction without reserve.
Reserve: An auction in which the seller reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.
Minimum Bid: An auction in which the auctioneer will accept bids at or above a minimum price that has been disclosed. The minimum price is always stated in the brochure and advertisements and is announced at the auctions.