When you dive into the world of buying and selling, you will run across some interesting terms and phrases.  It is the same way when you attend an auction.

Here are some of the terms that you will hear when you attend an auction:

Passed in—If the bids at an auction don’t meet the reserve price, the item can be withdrawn from the auction or passed in.  It the item is passed in, the last bidder will be able to negotiate a price for the item with the seller.

Fair warning—this is a warning that is given by the auctioneer that is telling the bidders that the bidding for the item is about to end.  It also gives one last chance for any potential bidders to place a bid before the item is sold.

On-site auction—this is an auction that is conducted on the premises (or property) that is being sold on the day of the sale.

These are just a few of the terms that you will hear when it comes to an auction.  What are some of the terms that you have heard?