Absentee Bidder- someone who bids at an auction, but is not physically present at the auction. They may place an absentee bid, which will be handled by a representative of CAS LLC.
Absolute Auction- property sells to the highest bidder with no reserves in place. These auctions typically generate higher interest levels among buyers, which likely translates to higher prices.
As-Is- selling property without warranties or guarantees regarding the condition of the property. The buyer is responsible for examining the property and bidding to buy at their own risk. This allows individuals the opportunity to buy and sell unique items that may not fit traditional methods of buying and selling.
Auction- a method of selling property in a public setting through open and competitive bidding.
Auctioneer- the auctioneer coordinates and produces any auction event. This person will typically stand at the front of the audience to verbally call the bids and take bids from bidders.
Auction Lot or Lot- a single item or group of items that are sold as one unit. Lots are often assigned lot numbers for organizational purposes.
Bank Letter of Credit- a letter from a bank certifying that the named person is worthy of a given level of credit through a specified date.
Bid- a prospective buyer’s indication of a price offered to purchase the property being sold. Bids are made by raising your bidder number until the auctioneer acknowledges your bid. The high bidder wins the item being sold.
Bidder Number- identifies each person participating in the auction. To be assigned a bidder number, you must register with the auction company prior to bidding.
Buyer’s Premium- a fee attached to an item sold at auction paid by the buyer. Buyer premiums will always be announced prior to the auction.
Cashier- a member of the auction company that collects payments for the items that have been purchased at the auction. Once a bidder is finished with purchases for the day, they will check out with the cashier.
Catalog- a collective list of items being sold at a particular auction.
Clerk- a member of the auction company that records the price of each item sold and which buyer number made the purchase.
Closing- the process of settling the sale of a piece of Real Estate. Most closings occur within 30-45 days of the sale day.
Consigner- the person or entity that consigns property to an auction, the seller.
Hammer Price- this is the high bid price and the sale price of the item being sold.
Hybrid Auction- a live auction that is being conducted both live and online at the same time.
Live Auction- is held in person at the auction site with in person and absentee bidder participation.
Online Auction- an exclusively digital auction, which allows bidders to participate from anywhere. These auctions are typically timed and close on a certain date and time.
Personal Property- this term is used to refer to any property that is not real estate.
Preview(showing)- a time prior to the auction set aside for prospective buyers to preview the property being offered for sale.
Ring man- is an associate of the auction company that works with the auctioneer to catch bids from bidders and ensure that no bids are missed.
