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Auction Terms You Should Know 

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Posted On: September 1, 2021 by Backes Auctioneers in: Auctions

Whether it’s your first time or your tenth time at auction, there may be some things you are confused about when it comes to auctions. Have you ever felt like auctioneers were speaking a different language? Well, Backes Auctioneers want to make sure that you’re able to get the most out of every auction and have come up with these terms you need to know.  Absolute Auction This is an auction without reserve. This means that the item is sold to the highest bidder regardless of price.   Absentee Bid This allows a bidder to participate in the auction without being physically present. This is usually established in advance with the auction house.  As-Is Many auctions are selling items without guarantees as to the condition or usability of the item. Buyers are solely responsible for examining and judging the property for their own protection.   Auction With Reserve  This gives the seller in the auction

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