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We at Backes Auctioneers have years of experience and expertise to help guide us through every auction we host. However, if you’re new to the auction world, you may have some questions. One thing that can be confusing is the lingo that auction houses use. Whether you’re looking for the best auto auctions, the biggest machinery auctions or looking to update your restaurant equipment – we can help you make sure you’re getting the best deals without any confusion! 

Appraisal 
The process of estimating the value for a particular item. 

As-Is 
Selling the item without warranties as to the condition for a particular use. Buyers are solely responsible for examining. 

Bank Letter of Credit/Guarantee 
A letter from a bank or credit union certifying that a particular person is approved for a given level of credit.   

Buyer’s Premium 
A percentage or set dollar amount that is added to the winning bid. 

Escrow 

Money is held in a trust by a third party until the seller makes a delivery of the items to the buyer. 

Lot 

An item or set of items for sale in an auction, lots are normally denoted by a "lot" number and can include any number of items. 

National Auctioneers Association 

Since 1949, the NAA has been dedicated to serving auction professionals. The NAA represents the interests of thousands of auction professionals in the U.S., Canada and across the world to ensure quality standards. 

Online/Virtual Auction 

An auction that’s held for online bidders only and is not conducted on-site or at an auction house.  

Preview 

A designated date and time that a property is available for viewing before the auction begins. 

Reserve Auction 

The seller establishes a confidential reserve price and has the right to accept or decline the highest bid if it falls below the established reserve. 

No matter what you’re looking for, Backes Auctioneers offers the best auctions in the Midwest. We are always available to help buyers and sellers alike get the items they want! Contact one of our team members today or sign up for our next auction here.