Absentee Bidder

A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is the top price he or she will pay for a given property. Absolute Auction An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve. Accounting of Sale A report issued to the seller by the auctioneer detailing the financial aspects of the auction.