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.