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 National Auctioneers Association Questions...www.auctioneers.org

Are real estate auctions only for distressed property?
This is a major misconception about auctions. The fact is auctions are the primary sales method when selling valuable assets such as vintage vehicles, multi-million dollar homes, and priceless pieces of art.

What is the auctioneer really saying?
The auctioneer's chant is a sequence of increasing numbers and "filler words". The auctioneer’s chant is simply a statement followed by a question. For example: I have 5 dollars. Would you bid 10?

How do you become an auctioneer?
There are auction schools throughout the United States. Class sessions generally run 10-14 days and students learn the elements of being an auctioneer and operating an auction company. If your interested in attending auction school visit www.auctioneers.org..

Where do I find an auctioneer?
Visit the National Auctioneers Association at www.auctioneers.org. Click on the 'Find an Auctioneer' link. Search NAA members in your area, or find an auctioneer who specializes in your particular type of auction.

Where can I find auctions in my area?
Visit the National Auctioneers Association at www.auctioneers.org and click on 'Auction Calendar'. If you are searching for upcoming real estate auctions in your area visit the NAA Auction MLS at www.auctionmls.com.

What is an "Absolute Auction"?
There are different types of auctions (i.e. Reserve, Minimum Bid, etc.). An "absolute auction" is an auction where the property is sold to the highest bidder. Unlike a reserve auction, there is not a reserve price that must be met to complete the auction sale.

What is an “Auction with a Reserve”?
A “reserve” auction means that a price has been set between the seller and the auctioneer that must be met to complete the sale. Reserves are often used to provide the seller with security that they receive at certain amount of money to meet their sale goal.

What does “Minimum Bid” mean?
Minimum bids are routinely used at auctions to provide prospective buyers with an initial price range of where bidding will begin. If an auction has a “minimum bid” of $50,000; prospective bidders will know that the auction will start with an opening bid of $50,000 and that the asset will not sell for anything less than $50,000. Often times, auctions are advertised with an “opening bid”, this should not be confused with a “minimum bid”. An “opening bid” simply means a price where the bidding opens.

Why sell at auction?
Auctions are the perfect answer when you need to accelerate the timeline for selling your assets. Auctions help reduce holding costs and determine the market price of an asset when the value is unknown or when comparable pricing is unavailable.

Am I required to have cash-on-hand at the auction?
Cash payment is not required at auctions. Auction companies accept multiple forms of payment: cash, check, or credit card. When attending real estate auctions, auction companies may at times require a specific down payment on-site in the form of a cashiers check to qualify as a bidder. Financing is available on auction day with many auction companies where lenders can qualify you for loans on-site. It is important that prospective bidders read all documents regarding the sale prior to auction day.

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