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GLOSSARY OF TERMS
The following Glossary presents some of the most common terms used at, and in the discussion of auctions.
Becoming familiar with them should make you more comfortable with the auction process.
Auction Posting Fee
A Flat Fee, charged to the Seller, to compensate GPS Auctions for the use of the GPS Auctions website tool
which allows the Seller and their Agent to harness the power of the internet to help sell their property.
(Cross-Reference Seller Marketing Fee). This charge is a flat fee of $99 per 30-day auction – an
extremely reasonable amount for the use of the GPS Auction site – a powerful tool which could generate
many more offers than traditional “for sale” advertising alone. This fee is paid upfront (prior to a property
being place on the GPS Auctions site) and is non-refundable (regardless of whether the auction results in a
successful sale or not).
For sellers with MULTIPLE Properties, the Auction Posting Fee may be reduced or even eliminated. CLICK
HERE for more info.
Auction Subject to Confirmation
See "Reserve Auction."
Auction With Reserve
An auction in which the seller reserves the right to accept or decline any and all bids. A minimum acceptable
price may or may not be disclosed.
Bid
A prospective buyer's indication or offer of a price he or she will pay to purchase an item at auction. Bids are
usually in standardized increments.
Bid Acknowledgment
A form executed by the high bidder confirming and acknowledging the bidder's identity, the bid price and
the description of the property. Also known as Memorandum.
Bid Rigging
The unlawful practice whereby two or more people agree not to bid against one another so as to deflate
value.
Bidder Number
The number issued to each person who registers at an auction.
Buyer's Premium
An advertised percentage (typically 5-10%) of the Winning Bid or a flat fee added to the Winning Bid to
determine the total contract price to be paid by the buyer. GPS Auctions does NOT charge a Buyer's
Premium. Instead see Internet Transaction Fee.
Caveat Emptor
A Latin term meaning "let the buyer beware." A legal maxim stating that the buyer takes the risk regarding
quality or condition of the property purchased
Commission
The fee charged by the real estate agents for providing services, usually a percentage of the gross selling
price of the property.
Conditions of Sale
The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms,
buyer's premiums, possession, reserves and any other limiting factors of an auction.
Due Diligence
The process of gathering information about the condition and legal status of assets to be sold.
Estate Sale
The sale of property left by a person at his or her death. An estate auction can involve the sale of personal
and/or real property.
GMT
GPS Auctions use Greenwich Mean Time as the official clock for auctions. Because internet bidders/buyers
come from across the globe, the world clock of GMT as utilize by our web hosting company is the most fair
and reasonable countdown clock available. On the BID BOX, both the End of Auction date/time and the
COUNTDOWN CLOCK are based on GMT. As an example, GMT is 5 hours AHEAD of EST.
Internet Transaction Fee
A flat fee, paid to GPS Auctions, added to the Winning Bid to determine the total contract price to be paid
by the buyer. The fee compensates GPS Auctions for the use of the internet tool to bid/buy properties.
Expected Winning Bid: Internet Transaction Fee:
Less than $100,000 $1500
$100,000 to $249,999 $2500
$250,000 to $499,999 $5000
$500,000 to $749,999 $7500
$750,000 to $999,999 $10,000
$1,000,000 or greater (individual case basis)
The Internet Transaction Fee is ADDED to the winning bid amount for each property. This fee,
which is specified on each Property Page, is paid by the BUYER to GPS Auctions at closing – unless otherwise
stated on the Property Page. Payment can be made directly to GPS using the GPS Auctions Payment Page or
to a GPS-approved Closing Agent in the form of certified funds or a bank check at closing.
Minimum Bid Auction
An auction in which the auction company will accept bids at or above a disclosed price. The minimum price is
always stated in advertisements and is "announced" on the Property Bid Page and property documents.
Minimum Opening Bid
The lowest acceptable amount at which the bidding must commence.
No-Sale Fee
A charge paid by the owner of property offered at a reserve auction when the property does not sell. GPS
Auctions does NOT charge this fee
Opening Bid
The first bid offered by a bidder at an auction
On-site Auction
An auction conducted on the premises of the property being sold. GPS Auctions are conducted ON-LINE only
in order to provide for the widest range of buyers across the country and perhaps even the world!
Preview
Specified date and time property is available for buyer viewing & examination of items to be offered at the
auction.
Reserve
The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the
reserve price.
Reserve Auction
An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all
bids or to withdraw the property at any time prior to the announcement of the completion of the sale by
the auctioneer. See also Auction With Reserve.
IMPORTANT NOTE: In a Reserve Auction, because the seller is unlikely to accept a winning bid
which is less than the (hidden) Reserve Amount, if your max bid is less than or equal to the
Seller's (hidden) Reserve Amount, then your bid will be automatically increased to your maximum
bid. This is done automatically as a service to help bidders know immediately if their max bid is going to reach
the Seller's Reserve, and thus gain the expected approval of Seller upon end of auction. Once the Reserve
has been met, then the Concierge Bidder Service will only adjust your bid up to the next bidding increment
to protect you against the bidding activity of another bidder (up to your max bid).
Seller Marketing Fee
Many auction companies will charge a HomeSeller/Seller a Marketing Fee of several thousand dollars (typically 5-
10% of the Minimum Reserve Amount) to cover the cost of advertising and promoting the auction for the
seller’s property as well as to cover other costs. GPS does not charge a Seller’s Marketing Fee, however GPS
does collect an Auction Posting Fee from Sellers.
Subject to Confirmation
See Reserve Auction.
Tax Sale
Public sale of property at auction by governmental authority, due to nonpayment of property taxes.
Terms and Conditions
The printed rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or
distributed to potential bidders prior to an auction sale.
Tie Bids
When two or more bidders bid exactly the same amount at the same time and must be resolved by the
auctioneer. The GPS Auctions tool does not allow for Tie Bids, thus eliminating this controversy.
Upset Price
Commonly known as the reserve price.
Withdrawal
Failure to reach the reserve price or insufficient bidding.
Do you have Additional Questions?
Please visit the GPS Help Center or call us at 888-GPS-LLC7
The following Glossary presents some of the most common terms used at, and in the discussion of auctions.
Becoming familiar with them should make you more comfortable with the auction process.
Auction Posting Fee
A Flat Fee, charged to the Seller, to compensate GPS Auctions for the use of the GPS Auctions website tool
which allows the Seller and their Agent to harness the power of the internet to help sell their property.
(Cross-Reference Seller Marketing Fee). This charge is a flat fee of $99 per 30-day auction – an
extremely reasonable amount for the use of the GPS Auction site – a powerful tool which could generate
many more offers than traditional “for sale” advertising alone. This fee is paid upfront (prior to a property
being place on the GPS Auctions site) and is non-refundable (regardless of whether the auction results in a
successful sale or not).
For sellers with MULTIPLE Properties, the Auction Posting Fee may be reduced or even eliminated. CLICK
HERE for more info.
Auction Subject to Confirmation
See "Reserve Auction."
Auction With Reserve
An auction in which the seller reserves the right to accept or decline any and all bids. A minimum acceptable
price may or may not be disclosed.
Bid
A prospective buyer's indication or offer of a price he or she will pay to purchase an item at auction. Bids are
usually in standardized increments.
Bid Acknowledgment
A form executed by the high bidder confirming and acknowledging the bidder's identity, the bid price and
the description of the property. Also known as Memorandum.
Bid Rigging
The unlawful practice whereby two or more people agree not to bid against one another so as to deflate
value.
Bidder Number
The number issued to each person who registers at an auction.
Buyer's Premium
An advertised percentage (typically 5-10%) of the Winning Bid or a flat fee added to the Winning Bid to
determine the total contract price to be paid by the buyer. GPS Auctions does NOT charge a Buyer's
Premium. Instead see Internet Transaction Fee.
Caveat Emptor
A Latin term meaning "let the buyer beware." A legal maxim stating that the buyer takes the risk regarding
quality or condition of the property purchased
Commission
The fee charged by the real estate agents for providing services, usually a percentage of the gross selling
price of the property.
Conditions of Sale
The legal terms that govern the conduct of an auction, including acceptable methods of payment, terms,
buyer's premiums, possession, reserves and any other limiting factors of an auction.
Due Diligence
The process of gathering information about the condition and legal status of assets to be sold.
Estate Sale
The sale of property left by a person at his or her death. An estate auction can involve the sale of personal
and/or real property.
GMT
GPS Auctions use Greenwich Mean Time as the official clock for auctions. Because internet bidders/buyers
come from across the globe, the world clock of GMT as utilize by our web hosting company is the most fair
and reasonable countdown clock available. On the BID BOX, both the End of Auction date/time and the
COUNTDOWN CLOCK are based on GMT. As an example, GMT is 5 hours AHEAD of EST.
Internet Transaction Fee
A flat fee, paid to GPS Auctions, added to the Winning Bid to determine the total contract price to be paid
by the buyer. The fee compensates GPS Auctions for the use of the internet tool to bid/buy properties.
Expected Winning Bid: Internet Transaction Fee:
Less than $100,000 $1500
$100,000 to $249,999 $2500
$250,000 to $499,999 $5000
$500,000 to $749,999 $7500
$750,000 to $999,999 $10,000
$1,000,000 or greater (individual case basis)
The Internet Transaction Fee is ADDED to the winning bid amount for each property. This fee,
which is specified on each Property Page, is paid by the BUYER to GPS Auctions at closing – unless otherwise
stated on the Property Page. Payment can be made directly to GPS using the GPS Auctions Payment Page or
to a GPS-approved Closing Agent in the form of certified funds or a bank check at closing.
Minimum Bid Auction
An auction in which the auction company will accept bids at or above a disclosed price. The minimum price is
always stated in advertisements and is "announced" on the Property Bid Page and property documents.
Minimum Opening Bid
The lowest acceptable amount at which the bidding must commence.
No-Sale Fee
A charge paid by the owner of property offered at a reserve auction when the property does not sell. GPS
Auctions does NOT charge this fee
Opening Bid
The first bid offered by a bidder at an auction
On-site Auction
An auction conducted on the premises of the property being sold. GPS Auctions are conducted ON-LINE only
in order to provide for the widest range of buyers across the country and perhaps even the world!
Preview
Specified date and time property is available for buyer viewing & examination of items to be offered at the
auction.
Reserve
The minimum price that a seller is willing to accept for a property to be sold at auction. Also known as the
reserve price.
Reserve Auction
An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all
bids or to withdraw the property at any time prior to the announcement of the completion of the sale by
the auctioneer. See also Auction With Reserve.
IMPORTANT NOTE: In a Reserve Auction, because the seller is unlikely to accept a winning bid
which is less than the (hidden) Reserve Amount, if your max bid is less than or equal to the
Seller's (hidden) Reserve Amount, then your bid will be automatically increased to your maximum
bid. This is done automatically as a service to help bidders know immediately if their max bid is going to reach
the Seller's Reserve, and thus gain the expected approval of Seller upon end of auction. Once the Reserve
has been met, then the Concierge Bidder Service will only adjust your bid up to the next bidding increment
to protect you against the bidding activity of another bidder (up to your max bid).
Seller Marketing Fee
Many auction companies will charge a HomeSeller/Seller a Marketing Fee of several thousand dollars (typically 5-
10% of the Minimum Reserve Amount) to cover the cost of advertising and promoting the auction for the
seller’s property as well as to cover other costs. GPS does not charge a Seller’s Marketing Fee, however GPS
does collect an Auction Posting Fee from Sellers.
Subject to Confirmation
See Reserve Auction.
Tax Sale
Public sale of property at auction by governmental authority, due to nonpayment of property taxes.
Terms and Conditions
The printed rules of the auction and certain aspects of the Purchase & Sale Agreement that are read and/or
distributed to potential bidders prior to an auction sale.
Tie Bids
When two or more bidders bid exactly the same amount at the same time and must be resolved by the
auctioneer. The GPS Auctions tool does not allow for Tie Bids, thus eliminating this controversy.
Upset Price
Commonly known as the reserve price.
Withdrawal
Failure to reach the reserve price or insufficient bidding.
Do you have Additional Questions?
Please visit the GPS Help Center or call us at 888-GPS-LLC7
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| QUESTIONS? Please visit The GPS HELP CENTER |
| Welcome Sellers/Agents! Please note: To place your property for auction with GPS, you must first Register with GPS |
| Be notified immediately once new auctions are posted! Register for GPS Auction Alerts! |
| Welcome Buyers/Agents! To place a bid, you must first Register with GPS If you have already registered, you can use the BID BOX Form on the Property Auction page to place your BID Offer or BUY NOW! |