Select South Auctions
Select South Group, Inc.  849 Florence Blvd. Florence, Al. 35630
Denny Belew - Auctioneer
AL# 5007
Russell Belew - Appr. Auctioneer
AAL# 2776
(256) 810-5149
(256) 810-8026
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Auction With Reserve
An auction in which the seller or his agent reserves the right to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the seller reserves the right to accept or decline any bid within a specified time.

Absolute Auction (Auction Without Reserve)                                                                An auction where the property is sold to the highest qualified bidder with no limiting conditions or reserve amount. The seller may not bid personally or through an agent.

Reserve
The minimum price that a seller is willing to accept for a property to be sold at auction. The reserve price may or may not be revealed at the end of the auction.

"As Is"
The selling of property without warranties, either expressed or implied, by the seller or the auctioneer. Buyers are solely responsible for examining and evaluating the condition of the property before placing a bid. Most auctions will be “As Is” unless otherwise stated.

Caveat Emptor
A Latin term meaning "let the buyer beware." A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty.

Bid
A prospective buyer's indication or offer of a price he or she will pay to purchase property at auction. A successful bid in which the auctioneer sells an item to the high bidder constitutes a legally binding contract to buy between the winning bidder and the seller. Bids are usually in standardized increments established by the auctioneer and increments may change at the auctioneers discretion.

 

“Pick and Choice”
A method of sale whereby the successful high bidder wins the right to choose one or more items from a group of items offered for bidding.  Buyer pays the bid price per item chosen. After the high bidder's selection, the property selected is removed from the group, and a second round of bidding commences, with the high bidder in round winning first choice of the remaining items, which is then removed from the group and so on, until all properties are sold.

 

“Times the money”

This means that multiple items are being sold at a per item price of the high bid and a certain number of the items must be purchased at that price.  {High bid X the number of Items in the lot = Total price} or $7.00 bid X 3 items =$21.00 total bid.

Bidder Number
The number issued to each person who registers at an auction.  This number acts as an ID number for the auctioneer or clerk to bill items too when they are sold at auction.

 

Absentee Bid
This is a way that you can bid even if you cannot attend the auction in person. Check with the auction of interest to see if this is available and how absentee bids will be handled.  This service may not be available for all auctions.

Buyer’s Premium
A percentage added on to your bid amount. Buyer premiums are used by many auction houses as a way of spreading the cost of the auction between the seller and buyer. It is an amount, usually a percentage, added to the high bid in addition to the high bid and payable by the buyer. {High Bid + Buyers Premium + Tax = Total Price}.This should be in the terms and advertising for the auction.

Buyer’s Premium
A percentage added on to your bid amount. Buyer premiums are used by many auction houses as a way of spreading the cost of the auction between the seller and buyer. It is an amount, usually a percentage, added to the high bid in addition to the high bid and payable by the buyer. {High Bid + Buyers Premium + Tax = Total Price}.This should be in the terms and advertising for the auction.

Commission
The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract prior to the auction.

Estate Sale
The sale of property left by a person at his or her death. An estate auction can involve the sale of personal and/or real property.

 

Tie Bids
When two or more bidders bid exactly the same amount at the same time and must be resolved by the auctioneer. The auctioneer has the final say in any auction dispute and may reopen the bid.

 

Opening Bid
The first bid offered by a bidder at an auction.

Contract
An agreement between two or more persons or entities which creates or modifies a legal relationship.

Market Value
The highest price in that a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.

Minimum Bid Auction
An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always announced at the auction.

Opening Bid
The lowest acceptable amount at which the bidding must commence.

Withdrawal
Failure to reach the reserve price or insufficient bidding may cause the withdrawal of an item offered for sale at the discretion of the seller or the auctioneer.

 

“Auction Terms or What did he say?”