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Open Outcry Auctions
The most common type of auction, an Open Outcry Auction involves a moderator
calling for increasing bids from an audience. This program is best suited to a
property that would be valued similarly by potential buyers, or when a seller
wants to capitalize on the illusion of a bargain.
Sealed Bid Auctions
Sealed-Bid Auctions call for offers on a property by a specific date. The
Sealed-Bid Auction is used when it is believed that no two buyers would value a
property the same, and is often used to compete with Open Outcry Auctions. The
high bid in this program can be significantly higher than another bidder's
offer, bringing in a higher price for the property, as opposed to the high
bidder having paid only an incremental bid over the second highest bidder in an
open outcry.
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