National Auctioneers Day is celebrated on the third Thursday of April to honor auctioneers and the practice of auctioning. It takes place on April 20 this year. The holiday is the initiative of the National Auctioneers Association and has been celebrated since 1996. The word auction is derived from the Latin word auctum, which translates to "I increase." An auction is the process of conducting open market trading in which the buyers place bids over the auctioned commodity and the highest bidder takes home the prize. Conducting an auction is a tough gig, which is made worse by the unserious bidders and occasional hecklers.
history of national auctioneers day
People have strange perceptions about auctions. To the larger public, it is much like a glamorous face-off between Sarah Jessica Parker and Diane Keaton in “The First Wives Club,” when in reality, it is a grueling process that sometimes stretches to days. National Auctioneers Day honors the men and women in the business who carry out the process and preserve the sanctity of this historic trading practice.
The earliest evidence of auctions dates back to 500 B.C. when the annual marriage auctions were organized by the town and bids were placed on women. Historically, livestock, artworks, and even the entire empire of Rome have been put up for auction. Throughout the Greek and Roman empires, the practice of auction gained massive prominence— although it declined in the 18th century.
The annual recognition is the initiative of the National Auctioneers Association (N.A.A). As per the N.A.A., professional auctioning sells more than $250 billion in goods and services every year. The auctioneers are responsible for the safe, successful, and efficient auctioneering process. Since 1949, N.A.A. has been the national representation of thousands of working professionals in the country. The association conducts educational programming and provides resources to its members. The third Thursday of April honors the dedicated professionals and learned experts of the craft. This extensive network of professionals abides by the N.A.A. Code of Ethics, which guides them to navigate the muddy waters of a rapidly changing market landscape.
why choose an auction?
Auctions can be a great tool for a seller looking to achieve the highest market value for their asset with a fast, fair, and transparent marketing approach. An auction isn’t for everyone but there are many cases when a seller can achieve the highest price with the least amount of hassle. When selling real estate at auction, a property is sold as-is, not subject to inspections, financing, or appraisals. At Amlin Auction, we generally like to have a marketing schedule of about 2-5 weeks depending on the property. This ensures that everyone gets an opportunity to see the auction. We hold our real estate auctions on-site, get everyone there at one time, one place and use competitive bidding to increase the price. With an auction, the commission is charged to the buyer in the form of a Buyer’s Premium.
buying at auction
If you are planning to purchase at auction, we recommend reaching out to the auctioneer to ensure that you know the terms and conditions for the specific auction. Auctions can seem intimidating but with proper education, it can be a great way to purchase real estate knowing that you are getting a fair opportunity to bid the highest price. Most auctions are not sold subject to financing so if you are not a cash buyer, ensure that you have your financing in order before bidding. Typically, financing needs to either be a conventional loan or some special financing through an equity line or retirement funds. FHA, USDA, and VA financing are usually not accepted at auctions because of the potential financing restrictions or contingencies that can occur. Once you are the successful bidder of an auction property, you are asked to put down an earnest money deposit that is either a percentage of the purchase price or a predetermined set price stated in the Terms & Conditions. Buyers then have a certain amount of time to come up with the remaining balance to bring to closing.
A common misconception about real estate auctions is that they are all foreclosures. This is often not the case. At Amlin Auction, over 99% of our real estate auctions are private sellers choosing to sell their property via the auction method of marketing. Buyers can purchase with confidence knowing that they will get a clear title with all liens or back taxes cleared up prior to closing through a local, reputable title company.
If you ever have any questions about buying or selling at auction, please feel free to reach out to Amlin Auction at 419-867-7653!
5 OF THE QUIRKIEST TYPES OF AUCTIONS THROUGHOUT HISTORY
1. A CANDLE AUCTION
The auction continues until the expiration of the candle flame, which ensures an element of surprise and no last-second bids.
2. all-pay auction
All bidders must pay their bids regardless of who wins the highest bid, but only the top bidder gets the item.
3. the buyout auction
A buyout price is exclaimed at any moment and any bidder can accept to end the auction.
4. the japanese auction
Each bidder must make a bid for every round or drop out.
5. the blind auction
All bidders simultaneously submit their sealed bids, unaware of other participants’ bids, and the highest bidder wins the item.