Frequently Asked Questions
What is an auction?
Auctions are not like auctions on Ebay. They're authentic auction experiences that often take place in real time as well as online. Just like you have probably seen on television, people arrive at the auction's location, browse the lots or property, and place their bids. The difference is that the auction action takes place online as well as on location.
Some auctions are online-only. These auctions are not taking place live, and all bids are accepted online.
Some auctions are live only. These auctions do not accept any online bidding, but prospective bidders can view details about the auction online such as the auction location, catalog, and details surrounding the auction.
How do I register for an auction?
Creating your account will provide bidding access to all auctions within the MarkNet Alliance network. Some auction companies may require additional registration, and bidding will not be enabled for that auction until this process is completed.
Where can I find the terms and conditions for an auction?
Terms and Conditions are located both on the main auction event page and on individual lot pages.
How does an auction end?
An auction only ends when bidding has stopped. The auction company hosting the auction will specify the amount of time that must pass before an auction is considered closed. Some auction companies allow time extensions on individual lots if bidding is still active (called "staggered closings") and some auction companies elect to have all lots within their entire auction go in to extended bidding if any of the auction's lots are still being bid on.
Auctions close in a few different ways. Some auctions close at a set time, pre-determined by the auctioneer. Some auctions have a staggered closing. This will be specified in the auction terms with a start time. The first lot or group of lots will close at the specified time and subsequent lots will close after a certain amount of time has passed, either one by one or in defined groups of lots.
Either of these two types of auctions can also have dynamic or extended bidding. The auction will close only when bidding has stopped for a specified amount of time. If dynamic/extended bidding is active it will be mentioned in the terms and conditions along with the amount of time between bids necessary for an auction to close.
How do I know if I've won an auction?
You will receive an invoice via email when you are the winning bidder.
How do I pay for my items?
Payment terms are specified in the auction's terms and conditions.
How can I contact an auction company?
The "Ask the Auctioneer" form on the auction event page and on each lot page allows you to send a message to the hosting auctioneer. Questions that other users have asked can also be viewed on these pages. The auction company's contact details (address, phone number) are also available on the main auction page.
How can I search for a specific item?
Use the search bar at the top of the page to find a specific item in all auctions. You can narrow your search by category or view all lots that match your keyword in all categories. You can also save a search to revisit it later in your account under "Saved Search."
How do I print an auction's documentation?
On the auction event page and lot pages, there are links to download PDF files of the auction's brochure and packet.
How can I find an auction in my state?
All search results can be filtered by state or multiple states. These filters can be found in the left hand side bar on all search results pages. To view all auctions and then filter by state, simply select "Auctions by State" from the "Browse By" drop down on every page, and then filter by your state(s) on the left.
Auction Industry Terminology
- Absolute Auction: An auction where the highest bidder wins the auction, regardless of the price of the bid. There is no reserve price.
- Bid Increment: The minimum dollar amount that the current bid increases in price after each new bid.
- Buyer's Premium: An additional charge to cover administrative expenses. This is a percentage of the purchase price, which is specified in the auction terms and is in addition to any taxes owed. Not all auctions will have a Buyer's Premium.
- Extended/Dynamic Bidding: Auctions may extend the bidding time on any lot that gets a bid within a certain amount of time of its scheduled closing time. The auction will remain open for those lots until no bids are placed in the allotted amount of time. All lots not receiving a bid in the final minutes will close at the normal time. The auctioneer will determine the number of minutes necessary to activate dynamic bidding ahead of time.
- Force Bid/Jump Bid: "Forced Bid/Jump Bid" is a bidding strategy by which a bidder increases the bid by more than the next accepted bid (placing your bid at $150 when the next accepted bid is $125). This practice is used by some bidders to discourage others from bidding in hopes of acquiring an item at a lower price. There are many theories on the effectiveness of this practice and a bidder who wishes to apply it does so at their own discretion. The auction company will not lower the price of an item that has been won by a "forced" bid with no other competing bids.
- Internet Only Auction: A timed auction where bids can only be placed over the Internet by {{ siteCompany.name }} bidders. No live bidding is taking place at a physical location.
- Live Auction: An auction that takes place at a designated place and time, where bidders can browse the auction lots and place their bids in person.
- Lot: A group of items or a single item that are sold together at auction. Lots are determined before the auction and only the auctioneer can divide a lot. Each lot in an auction is numbered.
- Maximum Bid: The maximum amount you are willing to pay for a lot. The price will only increase by the minimum increment, but will automatically raise to your maximum bid as others bid up the lot over time.
- Reserve Price: The lowest price the seller is willing to sell the item. If the reserve price is not met at the auction, the item will not be sold.
- Simulcast: Live and online interactive bidding at the same time.
- Staggered Closing: Auctions that begin to close and progress at a certain rate of lots instead of at one specific time. For example, an auction will close five lots every five minutes beginning at a certain time. This will be listed in the terms of the auction.
- Ultimate Choice bidding system: The "Ultimate Choice" system is a web-based bidding system that allows selling in a combination format. It allows bidders to bid on individual lots or a combination of lots (usually parcels of land) throughout the auction. No other company has been able to successfully develop and implement multi-parcel software that allows auction companies to consolidate multiple bidding combinations and provide interested buyers the ability to configure their combinations and bid online.