K & W Wants You to Know...

Benefits of an Auction

• Experience a quick turnaround when selling property
• Expose your property to a wide number of potential qualified buyers
• As a seller, you can set your terms and conditions
• As a seller, you will know EXACTLY when your property will sell
• Eliminate numerous and unscheduled showings
• Sell AS IS, WHERE IS
• No contingencies
• COMPETITIVE bidding

Potentional Auction Situations

• When as a seller, you need immediate action
• Estates
• When as an owner, you get transferred (This happens more than you might think!)
• Retiring/Downsizing
• When you have purchased another property
• A Change in the market
• Absentee Landowner
• Dissolution of Partnership - Business or Personal (Divorce)

Potentional Auction Properties

• Properties that carry a lot of equity
• Unique properties
• Carrying costs
• Vacant property
• Investment/Income Producing/Commercial
• Land/Large Farms
• Rehabs/Property needing repair

Glossary of Auction Terms

• Auction - A method of selling property in a public forum through open and competitive bidding. Also referred to as a public auction, auction sale, or sale.
• Auctioneer - The person whom the seller engages to direct, conduct, or be responsible for a sale by auction.
• Auction with Reserve - an auction in which the seller or his agent reserve 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. Also known as auction subject to conformation or reserve auction.
• 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.
• 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.
• Auction Listing Agreement - a contract executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction and sets out the terms of the agreement and the rights and responsibilities of each party.
• Bid - A prospective buyer's indication or offer of a price he or she is willing to pay to purchase property at auction. Bids are usually in standardized increments established by the auctioneer.
• Bid Assistants - Individuals who are positioned through the attendees at the auction to assist the auctioneer spot bidders and assist prospective bidders with the information to help them in their buying decision. Also referred to as ground men or ring men.
• Ballroom Auction - An auction of one or more properties conducted in a meeting room facility
• Bid Caller - the person who actually "Cries" "Calls" or "Auctions" the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as the auctioneer.
• Bid Number - The number issued to each person who registers at an auction.
• Bidders Choice - A method of sale whereby the successful bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidders selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder from round two choosing a property, which is then deleted from the group and so on, until all properties are sold.
• Bookkeeper or Clerk - the person who is responsible for the accounting and paperwork at an auction.
• Broker Participation - an arrangement for third-party brokers to register potential bidders for properties being sold at auction for a commission paid by the owner of the property or the auction firm.
• Carrying Charges - The costs involved in holding a property which is intended to produce income (either by sale or rent) but has not yet done so, i.e. insurance, taxes, maintenance, management.
• Estate Sale - the sale of property lesft by a person at his or her death. An estate auction can involve the sale of personal and/or real property.
• Opening Bid - the first bid offered by a bidder at an auction.
• National Auctioneers Association - An association of individual auctioneers united to promote the mutual interests of its members; formulate and maintain ethical standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions affecting the auction profession.
• On-Site Auction - An auction being conducted on the property being sold. Majority of auctions are held on-site.
• Preview - Specified date and time property is available for prospective buyer viewing and audits. Also known as Open House or Inspection.
• Referring Broker - A real estate broker who refers the auction company to a potential seller for an auction.
• Regroup - A process used in real estate auctions where a bidder has the opportunity to combine several parcels of land previously selected by other bidders, thereby creating one larger parcel out of several smaller parcels.
• Tax Sale -Public sale of property at auction by governmental authority, due to nonpayment of property taxes.
• Terms - The legal terms that govern the conduct of an auction, including acceptable.
• Tie Bids - When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer.
• Trustee's Sale - A sale at auction by a trustee.

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