Auction Terminology

      Our Defining Strategy!

TYPES OF AUCTIONS:

Open-Call:  In this most exciting and productive format, bids are shouted and prospective buyers compete in their attemp to win the property, just like you would expect to bid on an antique, a tractor or fine art.  Often bidders compete via telephone, and when the final sale is signaled by a gavel's drop, the full power of North American Auctions is realized with the property being sold at maximum value. Our "open-call" or  "live-bid" auctions are typically a public event where bidders and spectators are able to enjoy the show together.

Sealed Bid Offerings: Bidders submit bids via pre-approved contract forms and the system allows the seller more flexibility to review offers when variables other than price need to be cinsidered.  Examples include when a zoning contingency may be in order or when a buyer may be buying more than one parcel.

OUR STRATEGIES:

Any of the above formats and types can be presented with one of the following offering strategies.

• With Reserve:  A "suggested opening bid" is often published as a guide for which the auctioneer will ask the bidders to open the bid; the seller reserves the right to accept or reject the high bid.
• Without Reserve/Absolute:  There is no required minimum bid, and the highest bid is accepted regardless of price.
• Multi-Par Bidding:  This is a method of bidding most often used for undeveloped lands.  This option allows bidders to first bid on individual tracts of land within a larger land tract.  The next step of the auction takes bids on the large land parcel in its entirety.  During the last facet of multi-par bidding, the auctioneer offers various combinations of the tracts.  This auction method offers sellers the unique ability to evaluate which combination of offers provides the best overall result.  This method also allows for the opportunity to purchase property in any configuration that best suits their needs.

If you are interested in Buying @ Auction or Selling your property  using any of these methods and wish to speak with a North American Auctioneers associate about our auction options based on your specific objectives, Click here and fill out our Feed Back form or Contact us direct via E-mail or Phone:  519-672-6604.

Bidder's Information Package

It is up to every buyer to research any offering prior to the auction date. At North American Auctioneers we assemble a highly detailed Bidder's Information Package for each auction.  The packages are of benefit to our customers and helps the buyers to make an informed decision.

The information contained in our Bidder's Information Package is taylored to each specific auction, but also including a sample Purchase and Sale Agreement, closing information, auction information, property specific information (legal description, etc.), local area information, bidding procedures, the Terms and Conditions of the Sale, photos, and plans (depending on the property).

In order to buy at auction, each bidder is required to receive a Bidder's Information Package, be registered prior to the commencement of the sale, and adhere to the Terms and Conditions as posted in the Package.