This format is ideal for property that has a very specialized market or is high profile.
This format allows for an offering at a single location and time, or at regional locations at different times, for a single owner offering multiple properties.
Best applied to land valued at $500,000 to $50 million. This format allows multiple sellers to pool their properties, creating a larger auction event. For a seller who has flexibility in terms of time, this format provides an economy of scale, allowing inclusion of smaller properties for attractive advertising contributions and brings together buyers for various properties to the same event in a synergistic way.
In this most productive of formats, bids are shouted out in person or by telephone.
Bidders may submit bids on pre-approved contract forms and the seller can accept or reject the offer.
Converting a Sealed Bid sale to an Open-Outcry sale or vice versa, depending on market response.
A low "suggested opening bid" is published, but no definite price at which the seller guarantees a sale.
There is no reserve of minimum bid, and the highest bid is accepted regardless of price.
This is an absolute only if the bid is at or above the stated minimum.