All about auction, auctioneers and auction list

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A property auction is also commonly favored if the owner generally wants to avoid the long process of hosting open houses and fielding offers. An UK auction list is a document which lists a group of …

A property auction is also commonly favored if the owner generally wants to avoid the long process of hosting open houses and fielding offers. An UK auction list is a document which lists a group of items set to be included in an auction.

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  • 1. All about Auction, Auctioneers and Auction ListThere are a number of types of auctions performed around the world and an auction is anevent in which goods or properties are sold to the highest bidder. Being open to the public, anauction ensures a wide range of bids, and sometimes items at auction can fetch surprisinglyhigh prices. The bidders, in turn, create their own market, determining on an individual basishow much they want to pay for an item, rather than having prices dictated by the seller. Aproperty auction, also known as a real estate auction, is a selling process in which prospectivebuyers bid against one another to purchase a home. The process is sometimes the result offoreclosure proceedings pending against the home. It is also frequently the preferred methodto sell a house that is considered difficult to market.With UK property auctions, a licensed property auctioneer generally gives multiple buyers achance to compete for a property by placing bids. Usually a reserve price, which is the lowestprice the seller will accept, is set for the property being sold. This amount typically is notrevealed to the potential buyers in the auction. In a verbal auction, the buyers gather at anagreed upon location and take turns making bids, led by the auctioneer, until one person is leftas the highest bidder. In this type of auction, the remaining bidders often are offered a lastchance to beat the highest bid, and if they are unwilling to do so, then that bidder wins theauction.An UK Property auctions can be appealing to buyers because there is the potential for verygood deals on real estate, but significant research is recommended, and the buyer normallymust have financing lined up ahead of time. A property auction is also commonly favored if theowner generally wants to avoid the long process of hosting open houses and fielding offers. AnUK auction list is a document which lists a group of items set to be included in an auction. UKauction lists usually include information about the items listed, and indicate the order in which
  • 2. they will be brought to the auction block so that people attending the auction can plan theirtime accordingly.Depending on the nature of the auction, the auction list may be published in the form of adetailed auction catalog, or it may be a simple paper handout with a list of items up for sale.When people arrive at an auction, they are handed copies of the auction list so that they canreview the list and an auction list includes a brief headline for each item, along with a detaileddescription and an estimated value. UK Auction lists can also include photographs of the itemsfor reference. Each item is numbered so that people know when it will appear, and the list mayinclude additional details about the provenance of the item, whether or not it has beenauthenticated, and whether or not there are special handling directions which buyers may needto know about.Source: Property auctions