Glossary

When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer.

This can range from cash only to cashier’s checks or personal checks and credit/debit cards. Many times you will need a positive ID such as a driver’s license or other government ID when you register for the first time.

“Terms and Conditions” are something you will likely see at every auction you attend. They will vary a according to the type of commodity being sold and the auction company. What we are showing you here are some things that are typical and that you should know. Please be sure to check the Web site or on-site glossary for each individual auction.

Public sale of property at auction by governmental authority, due to nonpayment of property taxes.

Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property.

A method of sale utilized where confidential bids are submitted to be opened at a predetermined place and time. Not a true auction in that it does not allow for reaction from the competitive market place.

The need to provide a tax exemption certificate will vary from state to state in the U.S. If you are a dealer, call to ask what will be needed. If you have a dealer number for tax exemption purposes, carry it with you when you attend auctions.

The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the reserve price.

Be sure to take advantage of the preview times made available for you to look over the items being offered for sale. Many times, auction items are slightly used so you will want to know if there are any defects, such as loose or missing table legs, a vehicle that doesn’t start, or glassware that has chips or cracks. While these may be acceptable to you, it may affect the amount you want to bid, so look before you bid. You will feel much more confident if you do this.

Most auction companies ask that you pay when you are finished bidding. Some may ask for downpayments when you register, as in auction of real estate. In many equipment auctions bid-assistants will ask for deposits as your purchases are increasing. It’s good to ask about this prior to attending so you are prepared when you arrive. For absentee bidding you may need to give a credit car and expiration date for payment, if you are successful.