Absolute Auction: An auction where the highest bidder buys the property at the auction, regardless of the price of the bid.
Reserve: The lowest price the seller is willing to accept.
Buyers Premium: A charge to cover some of the administrative expenses. A fixed amount or a percentage of the sales price.
Live Auction: An auction that takes place at a designated place and time.
Internet Only Auction: A timed auction where bids can only be placed online. No live bidding takes place.
Bid Increment: The minimum dollar amount that the current bid increases in price after each new bid.
Maximum Bid: The maximum you will pay for a piece of real estate. The price will only increase by the minimum bid increment, but will automatically raise to your maximum bid as other bidders raise their bids.
Lot: A group of items or a single item that are sold together at auction. Lots are determined before the auction and only the auctioneer can divide a lot. A lot is identified by a number at an auction.