 | Clear, Easy to Understand Auctioneer - Any
Confusion JUST ASK! |
| Anyone can attend a public auction. Bring
the family, your children are welcome too. |
| You won’t accidentally buy, that trinket
for $50,000 by itching your nose.
You don't have to buy anything you don’t want. |
| Weekly Auctions (Every Thursday at 6 PM) -
So you don't have to wonder when they are! |
| Nicely lit and paved parking lot |
| Heated & Air Conditioned |
| Handicap Access into building, Auction
Floor, and Giant Handicap restrooms |
| Snack Bar |
| Comfortable Chairs - Choose from many of
styles |
| Friendly & Happy Staff - No Ill Tempers or
Fighting in the Ring! |
| Computerized Clerking System gives you an
itemized statement of all your purchases |
| Pay by Cash, Visa, MasterCard, or Check -
No Minimum Purchase Rules |
| No Fees for using any type of Legal Payment |
| No Buyers Fees |
| No one has all the answers about what items
are worth. We learn as we go so don't be intimidated. |
| It’s o.k. to ask questions, We want you to.
That is how you get comfortable quickly. |
Glossary of commonly used auction terms.
Absentee Bid
A procedure which allows a bidder to participate in the bidding process without
being physically present. Generally, a bidder submits an offer on an item prior
to the auction. Absentee bids are usually handled under an established set of
guidelines by the auctioneer or his representative. The particular rules and
procedures of absentee bids are unique to each auction company.
Absentee Bidder
A person (or entity) who does not attend the sale but submits, in advance, a
written or oral bid that is the top price he or she will pay for a given
property.
Absolute Auction
An auction where the property is sold to the highest qualified bidder with no
limiting conditions or amount. The seller may not bid personally or through an
agent. Also known as an auction without reserve.
Appraisal
The act or process of estimating value.
"As Is"
Selling the property without warranties as to the condition and/or the fitness
of the property for a particular use. Buyers are solely responsible for
examining and judging the property for their own protection. Otherwise known as
"As Is, Where Is" and "In its Present Condition."
Auction
A method of selling property in a public forum through open and competitive
bidding. Also referred to as: public auction, auction sale or sale.
Auction Subject to Confirmation
(See "Auction with Reserve ")
Auction Value
The price which a particular property brings in open competitive bidding at
public auction.
Auction With Reserve
An auction in which the seller or his agent 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.
Auction Without Reserve (Absolute Auction)
An auction where the property is sold to the highest qualified bidder with no
limiting conditions or amount. The seller may not bid personally or through an
agent. Also known as an auction without reserve.
Auctioneer
The person whom the seller engages to direct, conduct, or be responsible for a
sale by auction. The person who actually "calls," "cries or "auctions" the
property at an auction, recognizing bidders and acknowledging the highest
bidder.
Bid
A prospective buyer's indication or offer of a price he or she will pay to
purchase property at auction. Bids are usually in standardized increments
established by the auctioneer.
Bid Rigging
The unlawful practice whereby two or more people agree not to bid against one
another so as to deflate value.
Bidder Number
The number issued to each person who registers at an auction.
Bidder's Choice or "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.
Box Lot
A group of items typically in a "box" or some
container.
Caveat Emptor
A Latin term meaning "let the buyer beware." A legal maxim stating that the
buyer takes the risk regarding quality or condition of the property purchased,
unless protected by warranty.
Clerk
The person employed by the principal auctioneer or auction firm to record what
is sold and to whom and for what price.
Collusion
The unlawful practice whereby two or more people agree not to bid against one
another so as to deflate value or when the auctioneer accepts a fictitious bid
on behalf of the seller so as to manipulate or inflate the price of the
property.
Conditions of Sale
The legal terms that govern the conduct of an auction, including acceptable
methods of payment, terms, buyer's premiums, possession, reserves and any other
limiting factors of an auction. Usually included in published advertisements or
announced by the auctioneer prior to the start of the auction.
Dual Agency
The representation of opposing principals (buyers and seller) at the same time.
Due Diligence
The process of gathering information about the condition and legal status of
assets to be sold.
Estate Sale
The sale of property left by a person at his or her death. An estate auction can
involve the sale of personal and/or real property.
Hammer Price
Price established by the last bidder and acknowledged by the auctioneer before
dropping the hammer or gavel.
Market Value
The highest price in terms of money which a property will bring in a competitive
and open market under all conditions requisite to a fair sale, the buyer and
seller, each acting prudently, knowledgeably and assuming the price is not
affected by undue stimulus.
Minimum Opening Bid
The lowest acceptable amount at which the bidding must commence.
Multi-Seller Auction
Properties owned by many sellers, offered through a common promotional campaign
are auctioned in a single event.
Opening Bid
The first bid offered by a bidder at an auction.
On-site Auction
An auction conducted on the premises of the property being sold.
Preview
Specified date and time property is available for prospective buyer viewing.
Also known as Inspection.
Request
In some cases, the auctioneer will state that we will take a short
recess and he will offer the opportunity to "request" items and bring them to a
designated table or wagon. This is done to accommodate the to buyers present
before it gets to late in the auction. Each auctioneer handles request in his
own way.
Reserve
The minimum price that a seller is willing to accept for a property to be sold
at auction. Also known as the reserve price.
Reserve Auction
An auction in which the seller reserves the right to establish a reserve price,
to accept or decline any and all bids or to withdraw the property at any time
prior to the announcement of the completion of the sale by the auctioneer. See
also Auction With Reserve.
Ring-men or Ring
person
Individuals who are positioned throughout
the attendees at the auction to assist the auctioneer, display merchandize, spot
bidders and assist prospective bidders with information to help them in their
buying decision.
Seller
Entity that has legal possession, (ownership) of any interests, benefits or
rights inherent to the real or personal property.
Terms and Conditions
The printed rules of the auction and certain aspects of the Purchase & Sale
Agreement that are read and/or distributed to potential bidders prior to an
auction sale.
Tie Bids
When two or more bidders bid exactly the same amount at the same time and must
be resolved by the auctioneer.
You're In
You are the current high bidder.
You're Out
Someone else has the bid.
Updated on
months [January, February, March, April, may, June, July, August, September,
October, November, December] years [ 2008. 2009, 2010, 2011, 2012]
For More Information Contact:
Smith Auction Services
287 East Tincher Road
Tel: 317-831-4192
FAX: 317-831-2715
Internet:
info@smithauction.com
