Keyword Analysis & Research: auctions

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Frequently Asked Questions

What to do at an auction?

Attend an auction or two in your area to get a feel for how they are conducted. Watch and listen, then move on to bidding if that makes you comfortable. Many auctioneers spend some time addressing commonly asked questions and explaining how the auction is going to work.

What to expect at a real estate auction?

A real estate auction follows an inspection period, during which prospective bidders may physically inspect the property. This is an important follow-up to the research process and gives bidders a chance to check for any problems or note the features they think give the property value.

What is purpose the of an auction?

Fundamentally, an auction is an economic mechanism whose purpose is the allocation of goods and the formation of prices for those goods via a process known as bidding. Depending on the properties of the bidders and the nature of the items to be auctioned, various auction structures may be either more efficient or more profitable to the seller than others.

What is an item for auction called?

An item or set of items for sale in an auction, lots are normally denoted by a "lot" number.

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