Auction Tips

Times the Money: A situation in which a lot has multiple items and bidding is taking place for the price per item. The final bid is multiplied by the number of items in the lot. For example, a lot that contains six chairs can be sold “so much a piece, times six.” Should the bidding close at $50 a piece, the final selling price for the set of chairs would be $300. Sometimes confused with “Choice” (in a choice situation, the high bidder would choose which chairs to take at $50 a piece). You’re In: You have the high bid. You’re Out: Someone else has the high bid.

“As Is”: Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as “As Is, Where Is” and “In its Present Condition.”

Reserve: The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the reserve price. May also be referred to as “Auction Subject to Confirmation” or “Sale Contingent Upon Seller Approval.” In an absolute auction, there is no reserve price.
Ring Man: Individuals who are positioned throughout the attendees at the auction to assist the auctioneer, spot bidders and assist prospective bidders with information to help them in their buying decisions. Also known as bid assistant, bid spotter, or groundsman.
Choice (or Bidder’s Choice): A method of sale whereby the successful high bidder wins the right to choose from a grouping of similar or like-kind items/properties. After the high bidder's selection (of one or more items/properties), those are deleted from the group, and the second round of bidding commences, with the high bidder in round two then having choice of remaining items/properties. Sometimes confused with “Times the Money.”
Bidder Number: The number issued to each person who registers at an auction. Generally a driver’s license is required to receive a bidder’s number.

 

Absolute Auction: 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. (*Some auction companies use this term casually and incorrectly; when in doubt, just ask if there are any minimums or reserves on property being offered – ask “will this property sell today of regardless price?”)

Terms of Auction:

TERMS OF SALE: Full settlement day of sale by cash or check.   All buyers must register with a current driver's license.

Bring a copy of your tax exempt number or tax will be collected. Any announcement made day of auction shall supersede any previous advertisement or statement and prevail as the final terms and conditions.

Although the information published herein is from sources deemed reliable the Auction Service does not warrant the accuracy, genuineness, authenticity, condition, description, age, count or measure of any of the lots specified herein.

Prospective buyers should satisfy themselves by personal inspection as to the condition and authenticity of each lot. Statements made by Auctioneer and/or staff of Auctioneer are opinions only and should not be construed as statements of fact.

The auction will be controlled by the Auction Company and they reserve the right to consolidate lots or break down lots. The auctioneer reserves the right to accept or reject any bids.

The Auction Company reserves the right to enter bids on behalf of approved absentee bidders. Each and every decision made by the Auctioneer regarding the conduction of this auction shall be final and without liability to any party.

info@jkparkerauction.com |  Call 1-405-630-9184 | 1-405-454-2628  Harrah, OK

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