As Is
England's Auction sells all items without warranties as to the condition and/or the fitness of the property for a particular use. Buyers are solely responsible for examining and judging the property for their own protection. Otherwise known as "As Is, Where Is" and "In its Present Condition.
                                                           

Absentee  Bid
A procedure which allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. The particular rules and procedures of absentee bids are unique to each auction company. Please ask Mike for the details if you are unable to attend an auction.

Bidders Choice                                                                                                                                                                                                                A method of sale whereby the successful high bidder wins the right to choose a property or properties from a grouping of similar or like-kind properties. After the high bidder's selection, the property is deleted from the group, and the second round of bidding commences, with the high bidder in round two choosing a property, which is then deleted from the group and so on, until all properties are sold.
   

Bid  Rigging                                                                                                                                                                                                                  The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value.

Clerk                                                                                                                                                                                                                          The person employed by the principal auctioneer or auction firm to record what is sold and to whom and for what price.

Conditions of sale                                                                                                                                                                                                            The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms, buyer's premiums, possession, reserves and any other limiting factors of an auction. Usually included in published advertisements or announced by the auctioneer prior to the start of the auction.

Due Diligence                                                                                                                                                                                                                   The process of gathering information about the condition and legal status of assets to be sold.

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.

Increment
The amount by which the auctioneer increases the bidding. In general, the auctioneer will request bids of about 10% higher than the previous bid. If, for instance, the bidding opens at $500, subsequent bids of $550, $600, $650, etc. would follow (the figure is generally rounded up or down at the auctioneer's discretion).

National Auctioneers Association                                                                                                                                                                                        An association of individual auctioneers united to promote the mutual interests of its members; formulate and maintain ethical standards for the auction profession; promote the enactment of just and reasonable laws, ordinances and regulations affecting auction selling; make the public more aware of the advantages of auction selling; and generally improve the business conditions affecting the auction profession.

Preview                                                                                                                                                                                                               Specified date and time property is available for prospective buyer viewing and audits. Also known as Open House or Inspection.

                                                                                                           

Telephone Bidding
In certain cases, England's Auction's will accept bids from a potential buyer by telephone. An auctioneer's assistant in the  front office will relay the bidding information.