First of all, you need $25,000 in cash (or certified funds). Second, there will only be one item auctioned -- and since it's a ``reserve sale,'' the high bid may not be accepted, or the sale can be postponed. Or, in this case, the mortgagee (the Small Business Administration and Gardiner Savings Institution) may decide to bid on the property along with the other bidders.

The Bailey Inn and Restaurant, a lovely old rambling building on the curve on Main Street in Wiscasset, is in search of a new innkeeper.

Asked to comment on what the outcome may be Tom Saturly, president of Auction Properties, Ltd., said Tuesday, ``your crystal ball is as good as mine...''

``It is a grand property. Anyone who has ever driven through Wiscasset has noticed that big white inn on the corner.''

The property includes a restaurant area on the first floor with seating for 90 people, a lounge in the former barn which accommodates 30 people, a studio apartment above the lounge, and seven guest rooms each with a private bath in the inn. There is parking for up to 21 cars.

``We have had two open houses on May 6 and May 13 and several private showings. Interest has been good.

``Generally the property is in good condition, but needs some updating,'' Saturly said.

To make sure the uninitiated know how this kind of auction works, Saturly ``walks them through the bidding process,'' including the basic entry qualification of having $25,000 just to join the other bidders.

As for where the bidding may start, Saturly said he may suggest an opening bid if no one starts it off on their own.

``I try to do it with some humor. I may say, let's start the bidding at $300,000. And I might get a response like `it might end there, but it won't start there...' ''

``Or if someone starts it off at $10,000, I may say, `are you trying to buy a room?'''

Noting the fine reputation the Bailey Inn's restaurant enjoyed, Saturly said, ``we hope will have a new innkeeper soon.''