HOW DO AUCTIONS WORK
Auctions can be a variety of items from general merchandise to specific merchandise. We have had auctions such as garden nurseries, flea markets, restaurants, gyms, collectable cars, granite & marble distributors, churches, arcade rooms, corporate office buildings, overstock warehouses, wood & mechanic shops and real estate. Most sales are absolute where everything sells as is where is. Some sales have a reserve on specific items which is posted and also announced during the start up of the sale and also during the sale. There are different ways to bid on items such as live bid on auction site, on-line bidding before sale and also during the live sale. Other ways to bid would be absentee bid which is left with the auctioneer before the sale begins. At some auctions the whole business or complete contents can be bid. This would be mentioned in the auction advertising on the particular sale. This is called Bulk Bid in which you the bidder would would fill out a bulk bid form submit to auctioneer before the auction starts. The Bulk Bids are in, now the actual sale starts on the total amount of lots. After the sale the total amount of individual bids are totaled up. The total amount represents the individual bids in which is compared to the highest Bulk Bid. Whatever amount is higher the individual bids or Bulk Bid wins. Before the sale starts the auctioneer would announce a 50% deposit would be required in order to participate in the Bulk Bid process. On individual bidding the auctioneer will ask from time to time depending on your bids for deposits.