Take a look at any auction advertisement - social media, online or even print - you’ll probably see the words “absolute” or “reserve” or maybe even “no minimum and no reserve.”
These words have made their way into the daily jargon of auctioneers and real estate professionals across the country, but chances are you’re not really sure what they mean. Right?
Auctioneers use the words “absolute” and “reserve” to describe how an auction will be conducted - i.e. how is the property selling?
So what’s the breakdown between the two differences?
What is an absolute auction?
When you see the word “absolute” it means that the property or home will sell to the highest bidder, regardless of price. At McCurdy Auction we often advertise these auctions as “No minimum. No reserve.” Often times you’ll see us accompany these auctions with the hashtag #lasthandwins
What is a "seller confirmation" auction?
A seller confirmation auction is the opposite of an absolute, meaning that the seller reserves the right to accept or reject the final bid. At McCurdy Auction we refer to these auctions as seller confirmation auctions. During these auctions it is common to see auctioneers take a recess towards the end of the bidding. This allows the auctioneer to consult with the seller. McCurdy Auction offers additional bidding post-recess and announcements are made regarding the seller’s final decision.
Fact: In the state of Kansas all properties are sold subject to seller confirmation unless otherwise denoted.