Auction Sale

It is permissible to mention that there is/will be an auction sale in the Public Remarks/Addendum, provided:

• It includes no details that could lead potential buyers to participate directly.
• It does not exclude buyers agents.
• Offers will be entertained prior to the auction date.

Section 4.9.1 Auction Listings and Details
Listings that are offered for sale only through an auction may be entered into the Service;
Auction properties must be the subject of a Listing Agreement, in accordance with all other listing agreement requirements contained within this Section 4.1.9.
The list price must be the greater of the minimum bid price or the reserve price unless the Seller has agreed to an absolute auction, plus any required buyer’s fee or premium charged to the buyer at auction. Details of any required buyer’s fees for the auction including calculations or premium charged to the buyer at auction may not be disclosed in the Agent Remarks field or elsewhere in the listing, but may be communicated outside of the Service. The Remarks field must disclose:
a) when the property described in the Listing is subject to an auction; and/or
b) if the owner requires an auction after an accepted offer.

The Agent Remarks field must include details of the auction (the auction type, auction date, auction location, showing and preview instructions, bidding format, whether offers may be submitted prior to the auction, and where to submit offers), or a web link to a website including same. Upon acceptance of an offer, the listing shall be updated to include the appropriate Under Contract status. If contingent awaiting auction, it must include the Under Agreement flag.