Wes Mazurek writes a monthly column for the Kalamazoo Gazette regarding real estate auctions. This article is an expanded version of the July 5th, 2001 Article.

Q. When my property is auctioned, do I have the right to refuse the high bid?

A. That depends on the auction method you select. Properties are sold using three methods. The methods are; absolute, minimum bid and reserve.

Absolute: This method sells the property to the highest bidder regardless of price. This method, while risky, would generate the maximum number of bidders and competition at the auction. The reason being that one bidder will not be out bid by another, especially when they know the property will be sold that day.

Minimum: This method allows the seller to establish or set a minimum amount (price) that they would be willing to accept for their property. When the Auctioneer reaches that amount, the seller has given the permission to sell the property. Granted, the auctioneer will not stop when he reaches the minimum, he'll continue and try get more money but if he cannot, he will sell the property with permission and support from the seller.

Reserve: By selecting the reserve method, the seller is reserving the right to accept or reject any and all offers. When the auction has concluded the high bid will be presented to the seller in contract form. The seller will have to decide at that time if they want to accept, reject, or counter the offer.

The ingredients to getting a property sold at auction are:

If you think that you could benefit from the auction method but are not confident that you have enough information to make a decision please contact Wes Mazurek at (616) 344-8599 ext.1245 or email him at wmazurek@kalamazoo.net and he will be happy to answer any of your questions.

Email to Wes@DreamHomeAuctions.com