Craig & Wheeler Realty & Auction, LLCCraig & Wheeler Logo

Contact us at 931.684.9112

The Auctions

Glossary

Auctioneer — The person who conducts an auction, accepting bids from the audience and is the only person that has the authority to declare an item SOLD!

Ringman (Bid Assistant) — A person who assists the bidder.  Calls out bidders’ bids and answers questions

Clerk — A person who records the item selling and the amount the item sold. The clerk must be very aware with what the auctioneer is selling at all times.

Cashier — A person who handles the registration process of buyers onsite day of sale as well as handles monetary transactions throughout the sale. 

Estate Auction — The sale of assets when a person has passed away and the auctioneer is hired to disperse real estate and/or personal property. In most states, an administrator has the authority to sell personal property and real estate with the consent of all the heirs that have an interest. 

Absolute Auction — The property sells to the highest bidder regardless of price.  This typically generates a much greater interest among potential buyers resulting in greater attendance at the auction, and a higher final sale price for the item in question.

Reserve Auction — The seller establishes a confidential reserve price and has the right to accept or decline the highest bid if it falls below the established reserve.  If the reserve auction method is chosen, it is imperative that the reserve price be realistic.

Buyer’s Premium — An amount (usually a percentage) that is added to the winning bid to determine the contract selling price which the buyer pays for the property being sold.

Client Testimonial

"Our family’s experience with Craig and Wheeler was outstanding.  In business, you like to deal with “real” people, and people who pride themselves on executional excellence…people who just “get it done”. …"

- Jim Nance (Full testimonial)

Upcoming Auctions