In a sealed bid auction, all bids are submitted to the auctioneer in writing to be opened at a predetermined deadline. Sealed bids typically must meet certain published criteria to be considered. The sealed bit method may also be used as a precursor to a live auction to qualify bidders for participation in successive rounds of live bidding.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.