Definition: An offer made by a prospective buyer (bidder) at an auction where that bidder
is not physically present. In most cases, a proxy bid is made prior to the
auction, although occasionally an offer made through an agent of the bidder is
considered to be a proxy bid. Proxy 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 proxy
bid procedure must generally be made available prior to the auction event.
Also known as an absentee bid.
Terms, Definitions, and Concepts: Auction, Real Estate
Added: Tue Sep 23 2008