Seller Information

Auction FAQ & Terms

Overmyer Auctions: Liquidating residential, commercial, and agricultural real estate, personal household items, commercial and agricultural equipment. Choose a public, absolute, or minimum-bid auction.

Why Choose an Auction?

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


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

Our Services:

  • Handle all paperwork and details from start to sale.
  • Organize and conduct the auction.
  • Time-consuming trips to the property are no longer necessary.

Why Choose Overmyer Auctions?

  • Over 50 years of local experience.
  • Highest level of auction service and expertise.
  • Free market analysis and custom proposal available.

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, buyer 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.

Scroll to Top