- Absolute Auction:
An auction format where the property is sold to the highest bidder, without any price restrictions—often termed as "no minimum, no reserve." - “As is”:
Describes a property offered in its current state, devoid of express or implied warranties. Buyers must conduct inspections before placing bids. - Auction:
A public sale of real or personal property conducted by a licensed or authorized professional, where participants bid to secure the highest offer. - Auctioneer:
An individual engaging in calling, recognizing, and accepting competitive bids for the purchase of real or personal property. - Auction Manager:
The lead member(s) of the sales team managing a specific auction. - Bidder Number:
A unique identification assigned to a bidder at registration, crucial for tracking and assigning purchases. - Buyer’s Premium:
A fixed percentage added to the final bid, determining the property’s total purchase price. For instance, a 10% premium on a $100,000 bid results in a $110,000 purchase price. - By the Acre:
A method of sale commonly used for agricultural or undeveloped acreage, where bids are made based on a per-acre price. - Clear Title:
Ownership of a property free from liens or encumbrances, ensuring the unimpeded conveyance of the property. - Closing:
In real estate transactions, the finalization stage where the buyer exchanges certified funds for a deed from the seller. - Contingency:
An event or condition affecting the obligations outlined in a contract. - Earnest Money:
Funds provided by the purchaser at contract initiation, held in escrow and applied towards the property’s purchase price at closing. - Escrow:
The process of holding property, typically funds, by a third party until all contract conditions are met. - High Bidder’s Choice:
An auction method where multiple properties are offered, and the highest bidder selects their choice. If multiple properties are chosen, the bid is multiplied by the number selected. - Live Only Auction:
An auction where all bidding activities occur in person at the designated location. - Live & Online Auction:
An auction featuring both in-person bidding and online bidding, often live-streamed for real-time participation. - Max Bid:
For online auctions, bidders can set a maximum bid, allowing the software to automatically bid on their behalf, up to their specified maximum. - No Minimum, No Reserve:
An auction type with no minimum bid or reserve amount; the property is sold to the highest bidder, regardless of price. - Online Only Auction:
An auction where all bidding occurs throughout website or bidding app over the auction duration. - Property Information Package (“PIP”):
A comprehensive packet of property-specific information compiled by Elite Real Estate from various sources. - Ringman:
A team member assisting the auctioneer by providing information to bidders, spotting bids, and conveying bids to the auctioneer. - Simulcast:
An auction featuring both in-person bidding and online bidding, often live-streamed for online participants to engage in real-time. - Separate & Together:
A method of sale where multiple properties are individually offered, with high bids combined if sold collectively. - Subject to Seller Confirmation:
An auction type where the seller reserves the right to accept or reject the highest bid. - Title Insurance:
A form of insurance protecting the insured against financial loss due to defects in title to real property. - Terms & Conditions:
The set of rules governing the conduct of the auction.
