Buyer Information

Auction FAQ & Terms

What is an Overmyer Auction?

An Overmyer Auction liquidates residential, commercial, and agricultural real estate, personal household items, commercial, and agricultural equipment. Choose a public, absolute, or minimum-bid auction to suit your needs.

Why choose an auction?

  • Save valuable time: Complete the sale in 4-6 weeks with real estate closing in 30 days or less. No waiting months for buyers, just select the date, promote, and sell.
  • Competitive market: Get the highest price for your property through open bidding.
  • Professional expertise: Over 50 years of experience ensure a smooth and successful auction.

What does it cost?

  • Real estate commission + promotional fee (1-3% of property value).
  • Personal property auctions can be customized to fit your budget.
  • All special services are included in the professional proposal.

What are the special services?

  • We handle all paperwork and details from start to sale.
  • We organize and conduct the auction, saving you time and effort.
  • No more time-consuming trips to the property.

Why choose Overmyer Auctions?

  • Over 50 years of local experience and expertise.
  • We offer the highest level of auction service and support.
  • A free market analysis and custom proposal are available upon request.

Glossary of Terms:

Absentee Bid: A pre-auction offer to purchase, usually handled under established guidelines.

Absolute Auction: Property sold to the highest bidder with no reserve price and no seller bidding.

“As Is”: Property sold without warranties; buyers are responsible for inspection.

Auction Block: Podium where the auctioneer stands.

Bid: Prospective buyer’s offer for the property, usually in increments set by the auctioneer.

Bid Assistance: Individuals helping the auctioneer and prospective buyers.

Bid Rigging: Illegal agreement between bidders to suppress prices.

Bidder Number: Assigned to each registered bidder.

Bidder Package: Information about the property for prospective buyers.

Buyer’s Premium: Percentage of the high bid added to determine the total price.

Conditions of Sale: Legal terms governing the auction, including payment methods, terms, and buyer’s premiums.

Market Value: Highest price a property would bring in a competitive market.

Opening Bid: First bid offered at an auction.

Preview: Specified time for prospective buyers to view the property.

Reserve Auction: Seller reserves the right to accept or decline bids, or withdraw the property.

Terms: The period of an agreement.

Feel free to contact us for more information or a free consultation.

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