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AUCTION FACTS

An auction brings all interested parties into one place at the same time for a single purpose - to determine who will pay the most for your property. Auctioneers are trained to generate excitement for your products and motivate individuals to buy!

Terms of the auction are established by the seller. All buyers are bidding based on this common set of terms and conditions, allowing the seller to stay in control throughout the process.

One of the strongest advantages of the auction method is the promotion of your property. With an auction, you can determine when your property will sell; therefore, you can comfortably attribute a certain amount of that sales price to advertising. By using signs, print media, electronic media, the internet and a direct mail campaign, Ropp Auctions can promote your real estate, household goods, farm property, livestock, and machinery to a wide variety of prospective buyers.

 HOW TO BID

  • Register to bid by filling out a bidder card at the registration table.
  • Determine how much you are willing to pay for a piece of property. Since your needs and desires are unique, your evaluation of the property will be different from anyone else's.
  • As the auctioneer calls for bids, simply raise your hand when you want to bid. If you're not sure if you're in or out, raise your hand again, and the auctioneer will keep you in. He will not let you bid against yourself.
  • If you have any questions, motion for one us to help you. The most important thing to do at an auction is relax and have fun!

FREQUENTLY ASKED QUESTIONS

What does the term "reserve" mean?
Under a reserve auction, the auctioneer will submit the highest and best bid to the seller. The seller has the right to accept or reject that bid.

What does the term "absolute" mean?
Absolute means the property will be sold to the highest and best bidder. There are no minimums or reserves.
Some auctions will have certain parcels to be sold absolute while others are offered with reserve. Please check with the Auction Team for the details of any particular auction.

Do I need to pre-qualify?
No. We normally do not require any pre-qualification to bid; however, if you intend to obtain bank financing, the bank will require you to qualify for their loan. The deposit you make on auction day is usually not contingent upon financing. In some cases the seller will provide financing.

What does the phrase "dollars per acre" mean?
Many times a property is sold "by the acre" or "by the square foot". This means you are bidding on one acre. The purchase price will be your "bid per acre" multiplied by the number of acres in the parcel.

OTHER AUCTION TERMS

Absentee Bidding...bidding on an auction without physically being present. Usually done through whatever means the auctioneer specifies....bidding on an auction without physically being present. Usually done through whatever means the auctioneer specifies.

Authentication... A process in which it is determined if an item is genuine and is as described

Automatic Extension...an option for sellers in which the end of an auction is extended for a period of time if their are bids made near the closing time.

Bidding...the act of placing a bid on an auction item

Bid Cancellation...the cancellation of a bid by either buyer or seller

Bid Retraction...a cancellation of the bid by the seller

Bid Siphoning...emailing another sellers bidders and offering a lower price or better terms...not an ethical practice

Closing...the time that the last bid will be accepted - the end of the auction

COA...Certificate of Authenticity - presents proof that an item is genuine.

Escrow...a situation in which the buyer places money in a third party escrow account until both buyer and seller agree to release the funds. Usually used for higher priced items.

Final Value Fee...a percentage of the final sale that is paid to the auction house. Also known as commission.

Increment...the minimum amount a bid can be increased by

Initial Bid...the lowest amount that can be entered by the buyer. Amount is set by seller and is also known as minimum bid.

Insertion Fee...fee paid by seller for listing in the auction.

Listing Agreement...a contract between the seller and the auction house allowing an item to be listed.

Market Value...the open market value of an item.

Maximum Bid...the upper bid limit set by the buyer when using proxy or "automatic" bidding.

Minimum Bid...the smallest amount that can be bid by a buyer.

NM...Near Mint

NR...No Reserve

Private Auction...an auction in which the buyer and sellers identities are not disclosed

Reserve...a price set by the seller that buyers must meet before the seller is obligated to sell.

Shill Bidding...a process where a seller or their agent bids up their own merchandise through the use of an alternate registration. A forbidden practice.

Sniping...a bidder that places their bid in the last minutes or seconds of an auction.

Threshold...the highest price you are willing to pay for an item.

TOS...Terms of Service

Vendor...the person or company actually selling an item

Verification...the process to verify the identity and condition of an item.

Watchlist...a list of auctions you are interested in.

With proven experience and honest hard work, Ropp Auctions is ready to serve you. We provide the auction trailers and all equipment needed to set up your auction. We do all the work - you just cash the check when the auction is over. Call us at 660-247-1914 today for a free estimate!

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