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auction |
Also found in: Dictionary/thesaurus, Legal, Idioms, Encyclopedia, Wikipedia, Hutchinson | 0.09 sec. |
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auction A sales technique in which real or personal property is offered for sale and bidders make oral offers in varying amounts until one is accepted. Frequently used for involuntary transfers of real estate, such as foreclosures and tax sales. In some states, foreclosure auctioneers must be licensed.Where property is offered by the owner voluntarily for auction sale,the fine print in the auction terms usually contains a provision for a buyer's premium. The amount of the winning bid is automatically increased by the stated amount, and that percentage is used to pay the auctioneer's fees. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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However, EBay seems to be the best web portals for auctioning purposes because of the factor of flexibility and ease of selling. The products or items held for auctioning can range from real estate property, automobiles, collectibles, to works of art. The make auctions are a special kind of auction that can concentrate or selling and auctioning cars of a certain make. |
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