What is the difference between Absolute auction and confirmed auction?

First of all you have to know that what is an auction, because then only you could know the difference between these auctions.

Bank Auction is a process which is running by banks, When borrower of any property or car or any item didn’t give 3 consecutive banks EMI’s then bank send a notice to the borrower to deposit the installations within 60 days and if he doesn’t give installations then banks seize the property that he has owned.

Then Bank gives advertisements of these properties, in newspapers or those websites which have linked with banks. https://www.banknilami.com/ Is one of those websites which are linked with banks and also posts online the auction, bank auction, e-auction properties or vehicle auctions all over in India.

Mainly auctions are of 4 types, which are as follows –                        
Absolute Auction

·       Minimum Bid Auction

·       Reserve Auction

·       Multi-Par Auction

       I.          AbsoluteAuction - It is a classical type of auction in which sale is awarded to the higher bidder. It doesn’t have reserve price which sets a minimum bid for the auctioned item.

The difference between absolute auction and confirmed auction is only that in this there is a reserve price but in confirmation auction, The lender must approve the bid in order to complete the transaction. In real estate, if foreclosure is sold at a lender confirmation auction, the highest bidder doesn't necessarily win.

     II.          Minimum Bid Auction – In Minimum Bid Auction, the auction begins with a minimum price bid that the seller willing to accept. This auction is published in newspaper advertisements, Websites (https://www.banknilami.com/) and also announced at the auction. A minimum bid is a very good way to a seller to ensure they will be compensated with an amount they consider to be acceptable.

    III.          Reserve Auction – In this auction, a seller comes up with an ideal price which he doesn’t disclose by which if the reserve price doesn’t meet then the seller has the opportunity to reject the highest bid. But the biggest disadvantage is for bidders, as there is no guarantee that they will take the item or not.

    IV.          Multi-par Auction – Multi-par Auction is where the property can be auctioned as a whole or in tracts. This brings more buyers because tracts are affordable and as many people can’t afford a $4,00,000 Farm but can afford a $4,000 slice of it.