Types of auction
Sealed bid auction
The interested buyer responds to a call for tender, without knowing how much other potential buyers are bidding. The seller may accept any offer and not necessarily choose the top bidder.
Sealed bid – live outcry auction
Interested buyers respond to a call for tender. The top three to five bidders are invited for a second round, in the form of a live outcry auction. The second round of bidding allows the seller to get a better price.
Public auction
Interested buyers are invited to a public auction on the site of the property for sale. The seller choose to have a confidential reserve, or selling price. He may decline the winning big should it not reach the reserve. There is no ceiling price, much to the advantage of the seller.
Absolute auction
This type of auction can take place on the site of the property or goods to sell or offsite. The seller agrees not do bid and to sell regardless of the amount of the last bid. Because buyers know they could possibly buy at a very advantageous price, attendance at such auction is usually very strong. This results in increased competition among buyers.
Internet auction
Your real estate, vehicles, tools and other goods may be auctioned on the Internet and sold to anyone in the world. Interested buyers bid to determite period, until de set time for bidding.
A traditional public auction may also be combined with live Internet bidding. On the day of the auction, bids are accepted both in person and live from the Internet.
On-site auctions
The most natural way to sell real estate and related possessions is through a public auction on the site of the property. Items for sale are displayed on tables, under a tent or in a yard.
Off-site, multi-owner auction
Real estate and related possessions are auctioned on a single site, in a hotel conference room, for example. The sellers share advertising costs for the event and we organize an open house at their property prior to the auction. On auction day, properties for sale are showcased in a presentation to buyers where they may bid on one or several of them.
On-site caravan auctions
Several sellers from the same region hold their auction on the same day. The auctioneer, his team and interested bidders travel by caravan from one auction to the next. This allows sellers to shares expenses like advertising.
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