How Do They Work?
Whether you are looking to buy a seller’s treasured estate or are contemplating the acquisition of your next investment opportunity, an auction is the place to make it happen. Auctions are the premier marketplace for buyers and sellers to engage in a transparent bidding process that allows a property to sell for it’s true market value.
What is a Simulcast Auction?
A simulcast auction is an auction that occurs simultaneously (at the same time) in two places. Simulcast auctions typically occur as on-site and online auctions (e.g. at the physical property and online). However, it is possible for a virtual simulcast auction to be conducted.
An on-premises simulcast auction is an auction that occurs at a specified premises or location. While the auctioneer is conducting the auction on-site, bidders that are unable to participate on-site will be able to participate online. Bids placed on-site will be tendered into the online clerking system. Bids placed online will be communicated to the bidders on-site. Due to the nature of the auction, an audio and/or video feed is typically made accessible, so bidders can listen and watch the auction as the action is unfolding.
Sometimes a virtual simulcast auction is conducted. A virtual simulcast auction is an online auction with a live auctioneer. The auctioneer will conduct the auction with the normal auction chanting or bid-calling behavior, but from a remote location. Bidding does not usually take place at a physical location, as the auctioneer is not in the company of other bidders.
When & Where
As a rule of thumb, the simulcast auctions usually offer the flexibility of both auction types – on-site and online. For more information, please visit the following posts:.
- Understanding On-Site Auctions
- Understanding Online Auctions
As an auction’s terms of sale may be governed by auction-specific provisions, buyers are always encouraged to review the terms and conditions of each sale.