• An Alternative Way of Selling Real Estate
• What Types of Auctions Are There?
• Garret D. Healey, Senior Auctioneer
• Why Choose the Garrett Auction Company?
• Glossary Terms

• 2004 CADILLAC DTS
• 2004 SATURN VUE
• 2000 DODGE 2500 RAM 4X4 
• 1996 AUDI A-6 QUATTRO
• 1997 BMW 740 IL
• 1999 VOLVO 

• IPSWICH, MA
• Income property New York

What Types of Auctions Are There?

DIFFERENT TYPES OF REAL ESTATE AUCTIONS AVAILABLE, ESSENTIALLY, THERE ARE THREE TYPES OF AUCTIONS: ABSOLUTE AUCTION (OR AUCTION WITHOUT RESERVE); MINIMUM BID AUCTION; AND RESERVE AUCTION ( AN AUCTION SUBJECT TO CONFIRMATION). ANOTHER TYPE OF AUCTION IS  FORECLOSURE AUCTION. THE CHARACTERISTICS OF EACH TYPE AUCTION ARE OUTLINED BELOW:

ABSOLUTE AUCTION:

* THE PROPERTY IS SOLD TO THE HIGHEST BIDDER, REGARDLESS OF THE PRICE.

* SINCE A SALE IS GUARANTEED, BUYER EXCITEMENT AND PARTICIPATION ARE HEIGHTENED.

* GENERATES MAXIMUM RESPONSE FROM THE MARKET PLACE,

MINIMUM BID AUCTION:

* THE AUCTIONEER WILL ACCEPT BIDS AT OR ABOVE A PUBLISHED MINIMUM PRICE. THIS MINIMUM PRICE IS USUALLY STATED IN THE BROCHURE AND ADVERTISEMENTS AND IS ANNOUNCED AT THE AUCTION.

 * REDUCED RISK FOR THE SELLER IF THE SELLER WANTS A SET PRICE OR WILL NOT SELL. THE SALES PRICE MUST BE ABOVE A MINIMUM ACCEPTABLE LEVEL.

RESERVE AUCTION:

* WITH A RESERVE AUCTION, THE HIGH BID IS REDUCED, IN EFFECT TO AN OFFER, NOT A SALE.

* A MINIMUM BID IS NOT PUBLISHED, AND THE SELLER RESERVES THE RIGHT TO ACCEPT OR REJECT THE HIGHEST BID WITHIN A SPECIFIED TIME, ANYWHERE FROM IMMEDIATELY FOLLOWING THE AUCTION UP TO 72 HOURS AFTER THE AUCTION CONCLUDES.

* SELLERS PREDETERMINE THE PRICE AT WHICH THE PROPERTY WILL BE SOLD AND ARE NOT OBLIGATED TO CONFIRM A SALE OTHER THAN AT  PRICE THAT IS ENTIRELY ACCEPTABLE TO THEM.


FORECLOSURE AUCTION:

THE FORECLOSURE AUCTION IN REAL ESTATE OCCURS WHEN THE MORTGAGOR, THROUGH A LEGAL PROCEDURE, FORCES THE PROPERTY TO BE SOLDTHEREBY REMOVING ALL EXISTING DEEDS OF TRUST ON THE PROPERTY. THIS PROCEDURE, AMONG OTHER THINGS, REQUIRES THE SALE TO BE PROMOTED IN TH LEGAL NOTICES OF THE LOCAL NEWSPAPER SEVERAL TIMES PRIOR TO THE SALE.


THE EXPERIENCE THAT GUARANTEES SUCCESS