Mike Brandly, Auctioneer
Absentee bids & the UCC 2-328
Dick’s thought regarded maximizing absentee bids and that practice in relation to the UCC 2-328. As we discussed in our story about...
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Mike Brandly, Auctioneer
Jan 27, 20122 min read
UCC 2-328 Confusion
Nebraska Unicameral Information Office Despite there being only four (4) somewhat small passages making up the UCC 2-328, there is often...
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Mike Brandly, Auctioneer
Jan 17, 20122 min read
When does the hammer start to fall?
“Where a bid is made while the hammer is falling in acceptance of a prior bid …” meant that somewhere between the “S” and the “D” of the...
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Mike Brandly, Auctioneer
Jan 9, 20123 min read
Is buying at auction considered gambling?
Sometimes he buys things and makes money, and other times he buys things and loses money. Cory assumes a risk when he buys something — as...
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Mike Brandly, Auctioneer
Jan 6, 20122 min read
When & Where: The UCC 2-328 applied to real estate
However we’ll use “real estate” here as this is typically how this question is posed. The UCC 2-328 was finally firmed as to language...
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Mike Brandly, Auctioneer
Jan 5, 20123 min read
Number of bidders per item? Number of bids?
Clearly the use of a computer allows for these counts to be calculated and reported. The more of each is deemed better for the seller;...
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Mike Brandly, Auctioneer
Dec 11, 20113 min read
Retraction made while the hammer is falling?
One such “playing field” issue is that outside of seller withdrawal, the buyer may retract his bid anytime before the property is deemed...
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Mike Brandly, Auctioneer
Nov 29, 20112 min read
An auctioneer’s best client
What traits would the best client have? What traits would the best client not have? If we base our evaluation on what might be a typical...
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Mike Brandly, Auctioneer
Nov 25, 20114 min read
Customary closing is … the price?
We write here about our analysis of this somewhat unusual type of auctioneer closing. The UCC 2-328 as adopted by 49 of the 50 states in...
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Mike Brandly, Auctioneer
Nov 15, 20113 min read
Puffing versus misrepresentation at auction
Puffing goes on in the auction business every day. Auctioneers (and sellers utilizing auctioneers) talk to bidders, and represent in...
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Mike Brandly, Auctioneer
Nov 11, 20112 min read
Can the minimum bid be too low?
In other words, could the minimum bids be so low that they affect the final selling prices in a negative fashion? Let’s say … Bob is...
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Mike Brandly, Auctioneer
Nov 7, 20112 min read
Types of auction commission structures
Prevailing theory is that with a commission structure, the auctioneer and client work together with the same interest … the more the...
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Mike Brandly, Auctioneer
Nov 6, 20113 min read
Auction bidders deserve to know seller identity?
And as more and more sellers sell their property by auction, some sellers — despite believing in the auction method of marketing — wish...
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Mike Brandly, Auctioneer
Oct 27, 20114 min read
Last good faith bid?
This 4-paragraph section of state law is the most paramount law for auctioneers in the United States. It dictates, among many things,...
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Mike Brandly, Auctioneer
Sep 27, 20115 min read
Selling at auction: online versus live
Some have also asked: Is there any evidence of the answer — has there been any research completed on this matter? The answers to these...
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Mike Brandly, Auctioneer
Sep 24, 20113 min read
High bidder doesn’t win?
As we’re waiting for our entrees to arrive to our table, I asked him a question: “Have you ever had two bids of the same amount come in...
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Mike Brandly, Auctioneer
Sep 10, 20113 min read
Sealed Bid & Absolute Auction
“Is it just me or does “Sealed Bid & Absolute Auction” seem rather confusing? I read about an upcoming auction where it’s called a...
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Mike Brandly, Auctioneer
Sep 9, 20113 min read
Traditional auctioneers only attract bottom feeders?
Real property sells at auction quicker and more efficiently than more traditional methods in any market (more supply than demand, or more...
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Mike Brandly, Auctioneer
Sep 2, 20112 min read
Auctions are an illusion
I recall Larry telling me and many others on several occasions that while people attend auctions for the chance to get a deal, that...
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Mike Brandly, Auctioneer
Sep 1, 20112 min read
Does the UCC 2-328 apply to an online auction?
Despite there not being any licensing law for online auctions in most states, there is contract law and related statutes which courts use...
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