Learn Auctions

Auctions are growing in popularity. The number of auctions, as well as the number of people attending auctions is increasing dramatically.

Edens Auctions would like to assist both Sellers and Buyers understand the auction process. We provide Auction Informaiton and Auction Resources in other sections of the site. You should view those as well. In addition, this section will provide other information and education. The information provided below is typical.

At an auction, property is sold to bidders. An auctioneer asks for offers from the audience and once bidding stops can accept the highest offer.

People who attend an auction for the first time are sometimes not sure how to participate and some are afraid that they wil bid without knowing it. This fear is unfounded. However, since many people are not educated about auctions, this is understandable.

Auction pointers

Most auctions you will attend require you to register. Even if you don't intend to buy and are an observer, register anyway. The next auction you attend where you do intend to buy will go smoother.

Don't worry about bidding without knowing it. If the auctioneer thinks you are bidding he will ask.

Be mindful that waving and pointing can get the auctioneers attention but most will know if you are bidding or doing something else.

Look at the property before the auction. Most auctions sell everything "as-is" so it is your responsibility to inspect the property.

Auctions are fun so take a friend.

Pay attention to the bidding increments. If the auctioneer is at $100.00 and asking for $150.00 he is using $50 dollar increments.

Keep your bid card in a place where you can quickly display it to the auctioneer or ringmen when you purchase an item to help move the auction along.

Ringermen are people who help the auctioneer watch for bids. Bidding to a ringman is a good practice and helps the auctioneer.

If you have questions ask the auction staff before the auction.

In some auctions the property will be identified by a lot number. This allows the seller to know what sold and the auction company and buyer to identify the property.

Kinds of Auctions

An "Absolute Auction" is an auction where the property will be sold regardless of price. (Also called "Without Reserve") These auctions do not in way mean that the property is of less value. They are simply a means to let you know that the property will sell and is often used for highly desirable property.

A "With Reserve" auction means that the property may not sell if a minimum amount is not obtained. These are common and are a method to propect the seller. It is common practice to set the reserve far below what the seller actually would like to receive for the property.

A "Minimum Bid" auction is where the bidding will start at a minimum amount and go up. These auctions can be with or without reserve. The minimum bid simply lets the public know where the bidding will start.

After the Auction

For personal property auctions, after the auction you pay and make arrangements to pick up your property that day or as the auctioneer announced at the beginning of the auction. If you have questions about pickup or delievery, please ask before the auction.

For real estate auctions, you will usually deposit the earnest money, sign a contract and set the closing date.

After a personal property auction you will be given an auction ticket for each item you purchased showing the lot number and description or name of the item. Look for your items which will usually have your bidder number written on the lot tag.