I would like to talk about some auction law.
The word “Absolute” in an auction setting, what does it mean, and how does it work?
This word gets misused mis-represented quite often in this profession, so I would like to help educate the public, and protect the potential buyer or seller from a potentially terrible situation.
An absolute auction is defined as a auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. Otherwise known as as auction without reserve.
Where sellers get caught up in this is when an auction Company leads the sellers to believe they still have the option to reject bids, cancel the sale, or change the terms. But this is not the case. Before you buy or sell at an absolute auction, please understand the law, and your rights before you enter into an agreement with someone.
Please feel free anytime to ask me questions regarding the auction business.