Definition: An offer made by a prospective buyer (bidder) at an auction where that bidder
is not physically present. In most cases, an absentee bid is made prior to the
auction, although occasionally an offer made through an agent of the bidder is
considered to be an absentee bid. Absentee bids are not allowed at all
auctions; even when they are permitted, they may not be allowed on all items or
properties offered for sale. The rules governing and explaining the absentee
bid procedure must generally be made available prior to the auction event.
Also known as a proxy bid.
Terms, Definitions, and Concepts: Auction, Real Estate
Added: Sat Mar 18 2006
Last Modified: Tue Sep 23 2008