A common real estate term meaning the property is sold in its current condition, with no repairs or warranties implied. Buyers are encouraged to review all due diligence materials and conduct inspections before bidding.

The agreement between the seller and Instant Gavel that outlines responsibilities, timeline, marketing, and key terms of the auction. This will need to be signed before any property is auctioned.

If the winning bidder does not perform, or in the case a bid placed by the auction house underneath the reserve is the high bid when bidding concludes, a backup bidder may be named the new winning bidder at their high bid amount.

The amount a registered bidder offers to pay during the auction. All bids are binding an irrevocable. A bid cannot be withdrawn and, if accepted under the auction terms, obligates the bidder to proceed toward signing and closing.

The minimum amount by which a bid must increase. Increments are set by the platform; in some cases, bids below the increment may be accepted at the auctioneer’s discretion.

A required credit card hold that confirm a bidder’s seriousness and ability to bid. The winning bidder’s bidder deposit will be applied to the Buyer’s Premium. Non-winning bidder’s deposits will be returned.

A fee paid by the buyer, calculated as a percentage of the high bid. At Instant Gavel, the Buyer’s Premium is 10% of the high bid and is included in the purchase price.

An incremental advance in bidding that is below the current ask (accepted at the auctioneer’s discretion).

The final stage of the transaction where title/escrow is completed and funds transfer. Closing timelines vary and may be longer if financing is involved.

A feature on Instant Gavel property pages where prospective buyers and agents can ask questions to the seller and listing agent. This fosters transparency and builds confidence ahead of bidding.

The total price reflected in the purchase contract. It includes the high bid plus the Buyer’s Premium.

An industry term for a bid placed by the auctioneer to move bidding toward a potential sale price. In a reserve auction, counter bidding may occur until the reserve is met; once the reserve is met, counter bidding stops. Counter bids may never exceed the reserve price.

The review process to determine whether a property is a fit for Instant Gavel. If accepted, it is during this period that the auction terms, like the reserve price, are set.

Every real estate transaction involves due diligence documents. We recommend the seller and listing agent post as much due diligence as possible in advance of the auction. Buyers conduct their own due diligence before bidding, including evaluating the purchase agreement, disclosures, title reports, inspections, and other materials made available on the property page.

After the auction ends, the winning bidder submits the earnest money deposit to the closing agent within two business days. This deposit goes toward closing on the property.

A potential sale range based on market analysis and used to help guide expectations for the auction. Many auctions see competitive bidding within this range, but outcomes can vary.

The marketing period designed to concentrate buyer attention. This typically includes both database outreach and local market activity (showings/open houses).

An auction phrase indicating the auction is nearing its end, giving bidders a final chance to place a bid.

The traditional symbol of an auctioneer closing bidding. “The hammer falls” or “the gavel falls” means the auction has ended.

The highest current bid at any point during the auction. When bidding ends, the high bid may become the winning bid if accepted under the auction terms and may also be referred to as the “hammer price” or “gavel price.”

Part of registration that is required for all buyers and sellers. Bidders verify their identity, agree to bidder terms and conditions, and submit required financial documentation.

A “bid to win” amount that can end the auction before bidding opens. An Instant Gavel bid may be submitted only before open bidding begins.

The licensed real estate agent representing the seller of a property. Instant Gavel works with listing agents on every auction; agents support showings, local market activity, and closing coordination.

The pre-bidding phase where the property is positioned with professional copy, assets, and outreach to create a “funnel” of interest before the first bid is placed.

A bidder-selected maximum amount. The platform can place incremental bids on the bidder’s behalf up to (but not exceeding) that maximum.

A bid placed above the current ask price. Some bidders use power bids strategically to signal strong intent.

Documentation required during registration to confirm a bidder’s ability to close (e.g., bank letter, bank/brokerage statement, money market statement, or financing pre-approval).

When a registered bidder appoints another individual to place bids and execute contracts on the bidder’s behalf (subject to the auction’s requirements).

The contract used to document the sale. After the auction ends, the buyer and seller typically sign within two business days (per the auction terms).

The process of becoming an approved bidder. It typically includes identity verification, accepting bidder terms, and submitting proof of funds and any required deposit/credit card pre-authorization.

An auction where the property is offered subject to a reserve (minimum price). The property sells if bidding meets or exceeds that reserve (or if the seller accepts a bid below reserve). The seller may lift the reserve at any time.

A rider to the purchase and sale agreement for each property, provided by Instant Gavel, to govern the terms of the sale and closing. In the case of a discrepancy between the purchase and sale agreement and the rider, the rider will control and prevail.

An automatic time extension when a bid is placed near the end of the auction. This prevents last-second “sniping” and gives all bidders a fair chance to respond. The extension is typically a few minutes and may vary by auction.

A confidential bid submitted before the auction opens.

A bidder who has completed registration requirements (identity verification, proof of funds, and any required deposit/authorization) and is eligible to place bids.

The bidder whose bid is accepted when the auction ends, subject to the auction terms and any reserve requirements.