As defined by the Ohio Auctioneers Association)
(As further explained by Amlin and Associates Auction Services)
An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve.
The most effective auction available on the market. The absolute auction format takes the excitement to yet another level, since the buyers know the property is absolutely going to sell to the highest bidder, regardless of price. This creates anticipation and competition for a great deal, resulting in a higher than expected sale price.
Minimum Bid Auction
An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auction.
More effective than a reserve auction, and almost as effective as an absolute auction if the advertised minimum bid is attractive to buyers and it shows that the buyer will be getting a good deal. This creates more buyer interest which will cause many people to act to protect their interest in your property.
An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. Also referred to as an Auction with Reserve. A minimum acceptable price may or may not be disclosed.
This type of auction doesn’t create as much urgency as the other types of auctions above create for buyers.