PUBLIC AUCTION
Sale is subject to seller's confirmation |
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advertised 3 to 6 weeks before sale |
ADVANTAGES
· seller controls sale price
DISADVANTAGES
· bidder turn-out weaker
· no guarantee of sale on auction day
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property open to public 1 to 2 hours prior to sale |
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property sold as-is condition |
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earnest money required at time of sale |
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no minimum bid required to begin bidding |
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highest bid presented to seller in writing |
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seller may accept, counter or reject offer |
ABSOLUTE AUCTION
Guaranteed sale to highest bidder, no minimum |
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advertised 3 to 6 weeks before sale |
ADVANTAGES
· property sold on auction day
· excellent bidder turn-out
DISADVANTAGES
· seller does not control sale price
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no minimum bid advertised |
| · |
property open to public 1 to 2 hours prior to sale |
| · |
property sold as-is condition |
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no minimum bid required to begin auction |
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down payment required at time of sale |
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property sold to highest bidder |
MINIMUM BID AUCTION
Guaranteed sale to highest bidder, over minimum |
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blend of Public and Absolute auctions |
ADVANTAGES
· good bidder turn-out
· seller controls minimum sale price
DISADVANTAGES
· unrealistic minimum limits turn-out
|
| · |
advertised 3 to 6 weeks before sale |
| · |
minimum sale price advertised |
| · |
property open to public 1 to 2 hours prior to sale |
| · |
property sold as-is condition |
| · |
down payment required at time of sale |
| · |
property sold to highest bidder over minimum bid |
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