The language used across this website
Below you’ll find a glossary of the terms and language used across this website.
Real Estate
The bread-and-butter of Buss Realty & Auction is, you guessed it, Real Estate. Real Estate is a Parent Category on this website, and under this parent category you’ll find Child Categories like, Farm, Commercial, Land, Residential, and so on.
Listings / Auctions
There are two ways to sell real Estate on Buss Realty & Auction:
1) Listings:
A listing is simply a piece of real estate that has been listed with a fixed price.
2) Auctions:
An auction is like a listing only it allows registered users to bid in a dynamic, online environment.
On-Site / Online / By Phone
There are three distinct methods by which Buss Realty & Auction may initiate either a Listing or an Auction:
1) On-Site
On-Site auctions occur in the real world, like, with chairs and an audience. Real people, face-to-face, bidding, competing.
2) Online
Online auctions occur, you got it, online, in a virtual place up in the cloud. You’re still bidding and competing for a single parcel of land, but you can do it from the comfort of your home, office or cell-phone.
2) By Telephone
Bidding by Telephone is an option that Buss Auction offers that enables registered bidders to phone in their bids while traveling or while at another remote location.
General Terminology
Below is a list of general terms found across this website.
Proxy Bidding
Proxy bidding works by placing bids on your behalf in the lowest allowable increment for a given auction. So for example, if you place a Maximum Bid of $200,000 for a parcel of land, and the bids are incremented by $100, then Proxy Bidding will proceed to bid against all other bidders, in increments of $100, until your maximum bid of $200,000 is reached. It’s important to note that you may always increase your Maximum Bid, but you must increase it BEFORE the auction has officially ended.
Reserve Price
Some auctions will have a Reserve Price set, which is the lowest amount that can be accepted for a land parcel or auction item. The land parcel or auction item can only be won if the Reserve Price has been either met or exceeded. If the Reserve Price has not been met, and provided the auction for that item has closed, then it will be said that no one has won the bid, and the item may go back up for auction.
Maximum Bid
The Maximum Bid is something that each user will submit during an online auction. Maximum Bid is generally only used during Proxy Bidding. See Proxy Bidding above for more information.
