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Types
Of Auctions
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| What is a Candle Auction Sale? |
| A candle sale is a type of auction that uses phone mail as the method of bidding. A minimum bid or asking price will be established for a property and prospective bidders will be required to place a deposit with the State in order to participate. |
| What is Spot Bid Auctions? |
| Similar to a sealed bid auction. But you would be present at the auction site. As each item comes up for sale if you wish to bid you will write down your bid and bidder number. Insert it into an envelope. Then hand it to the auctioneer. He opens all bids. The highest bid wins. |
| What are Public Auctions? |
| The Federal agency follows traditional auction procedures and gives prospective buyers a description of the property to be auctioned along with bidding instructions before the auction. The auctioneer conducting the sale offers the property item-by-item and awards the item to the highest bidder. When buying through an auction, the buyer must be present to bid, unlike the sealed bid method, which is conducted by mail. |
| What are Sealed Bid Auctions? |
| These auctions are most often conducted by mail. On your request the government will send you an "Invitation to Bid" form (for each item you wish to bid on ). You must fill it out. Include a deposit (set by the auction). Then mail it to the auction by a preset cut off date. All bids will be opened at the same time, and the highest bidder wins. If you do not win the bid. Your deposit will be returned along with the results of the auction. |
| What is a Sealed Bid? |
| The Federal agency prepares an "Invitation for Bid," an informational sheet that describes the property being offered for sale and includes the terms and conditions of sale. It contains all the information you need to bid on the item. If interested, you submit your bid to the agency, usually by mail. On the bid-opening date, the bids are read publicly and the award is made to the highest bidder who has correctly followed the required procedures. |
| What are Reserve Auctions? |
| A reserve auction is generally open to the public. The auctioneer offers items for bids with a minimum price. If that price is not reached in the bidding, that item is not sold. If the owner of the item is present at the auction, the auctioneer will ask him if he will accept the lower bid |
| What is Pre set? |
| The auctioneer must accept all bids. If there is only one bid of one dollar on an item. The auctioneer must sell to that bidder. |
| What is an Absolute Auction? |
| This auction is considered the best one to attend. An Absolute auction has no reserve prices. |