Myth 7 – I Won’t Know If I am The Winning Bidder on Auction Day.
Typically the results of an auction are known on the day of the auction. In some cases there might need to be confirmation from the seller who is not available at the time of the auction. In this case a professional auction company will disclose to the bidders that notification of acceptance will be given within a specific time period.
If the property is being sold at absolute auction then the high bidder will know that they are the winning bidder immediately.
An absolute auction is an auction where property is sold to the highest bidder regardless price. With an absolute auction there is no minimum or reserve price, so there is no need for the seller to confirm the winning bid. Not all real estate auctions are absolute, so it is important to understand the terms and conditions of the auction.