Types of Auctions

Absolute Auction:  An auction where property is sold to the highest qualified bidder with no limiting conditions, contingencies or amount, andis time-defined. By nature, Absolute Auction promotes a sense of buyer urgency (to perform by a specific time or forever lose the opportunity to buy). Absolute Auction is the only form of marketing that will convey this message. By using the Absolute Auction method, United Country Real Estate| Prestige Auction attracts the largest pool of qualified, competing purchasers thus creating maximum value and Absolute Auction demonstrates seller commitment. Over 80% of United Country Real Estate| Prestige Auction clientele choose to sell their property via Absolute Auction.

Minimum Bid: An auction where auctioneers accept bids at or above a published price. While this type of auction seems to reduce seller risk, Minimum Bid Auction also limits interest in the auction. Minimums must be low enough to act as inducements rather than as a hindrance. Minimum Bid Auctions typically generate less marketplace interest than Absolute Auctions.

Reserve Auction: An auction where sellers reserve the right to establish a reserve price to (in effect), accept or decline any and all bids, or to withdraw properties at any time prior to the announcement of the completion of the sale (by auctioneers). Though seemingly creating a seller safety net, Reserve Auction also conveys (to buyers) seller reservations. Of the three types of auctions, Reserve Auctions generate the least amount of marketplace interest.

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