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Popular House Auction Terms

In 2010, 2.87 million homes were repossessed and auctioned due to defaults on mortgage payments. Fortunately, this trend has made it more affordable for new homeowners to acquire property through auctions. Similiar to real estate auctions are estate sales, in which a deceased person's possessions are sold in one auction or piecemeal. Here is some of the common terminology used in the practice of auctioning real estate and estate sales.

  • Absentee Bid – If you’re dying for a rare antique you found on an online auction but can’t make the showing, consider placing an absentee bid. This bid can be submitted orally or in writing in lieu of your presence
  • Accredited Auctioneer, Real Estate – The Auction Marketing Institute designates this professional certification to auctioneers who possess the proper education credentials and a track record of good practices and ethics.
  • Appraisal – When a home is appraised, its property value is assessed by a third-party company. This information is essential to placing a bid.
  • Bank Letter of Credit – When a bidder is not paying with currency, a certified letter from the bank may be obtained to verify the person’s eligibility for credit.
  • Bid History – A historical account of all the bids made at an auction. By looking at the bid history, you can find out whether it’s worth it for you to place a bid yourself.
  • Estate Sale – An estate sale will involve an auction selling all of a deceased person’s property, including the person’s land, house, fine art, jewelry and other items of value.
  • Tax Sale – A tax sale differs from a foreclosure. A house is foreclosed as a consequence of mortgage default. A tax sale is conducted by the government when property taxes are not paid.
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    National Auctioneers Association
    Overland Park, KS 66214
    The National Auctioneers Association represents the interests of the premiere auction houses and auctioneers across the country. Providing networking and business resources for your auction house.
     
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    Broadway Auction
    2753 N Broadway St, Wichita, KS 67219
    (1) Review Write a review
    (316) 838-9401
     
    User Review: "Ive been coming to broadway auction for 6 years these are great people and they know what they are doing! wilma the..."
    Don Hamit Land & Auction Co
    Downs, KS 67437
    We can help you with your auctioning problems and real estate for sale. We are the ultimate solution for auctioning your assets. Diversified auction company experienced in farm and ranch real estate, and farm machinery.
    (888) 573-6585
    Paola Livestock Auction Inc
    26701 Eagle Dr, Paola, KS 66071
    (1) Review Write a review
    (913) 294-3335
     
    User Review: "This is a bad place to get market price for calves and call cows"
    Hamit Land and Auction, Inc.
    104 N Walnut St, Stockton, KS 67669
    Hamit Land and Auction, Inc. offers real estate and auction services in Stockton, KS. We provide land auctions, personal auctions, and real estate land sales.
    (855) 512-6414
    Batt Garry Real Estate & Auction
    2269 Nw 30th Ave, Russell, KS 67665
    (620) 935-4390
    Bird Leo C Real Estate & Auction
    518 Main St, Stockton, KS 67669
    (785) 425-6043
    Johnson Realty Inc
    122 S Penn Ave, Oberlin, KS 67749
    (785) 475-2785
    McEwen Auction
    601 E Holme St, Norton, KS 67654
    (785) 877-3032
    McMullen Real Estate
    113 N State St, Norton, KS 67654
    (785) 877-3299
    Stithem & & Fabnzius Auction Service
    32086 S Rd, Ogallah, KS 67656
    (785) 743-5663
    TNT Auction LLC
    200 N Franklin Ave, Colby, KS 67701
    (785) 460-0050
    Heritage Real Estate Group Inc
    2 S Kansas Ave, Liberal, KS 67901
    (620) 626-6100
    Ashley's Auction Service
    120 W Liberty St, Kirwin, KS 67644
    (785) 543-5612
    Stithem Ray Auction & Re
    413 N 11th St, Wakeeney, KS 67672
    (785) 743-2445
    Homeland Real Estate
    114 W 12th St, Goodland, KS 67735
    (785) 890-3060


    Auction houses provide venues for people to offer various items of property for sale in a specific way. People can bid on property presented in auctions at more informal locations, or even online through websites such as eBay. Auction houses, on the other hand, can provide a greater assurance of professional standards. For one, auctioneers may appraise the value of works of art prior to people arriving to bid on these. Auction houses thus aim at facilitating the sales process. These establishments can be operated either by government or private, profit-driven entities. The former option can come into play when property owners have violated laws or regulations. The government might thus put up the cars which previously belonged to criminal offenders for sale. Without reducing the prices for which property is fully worth, furniture auctions and other transactions of this kind could provide benefits to less wealthy individuals. The more common and widespread venue of private auction houses can allow for visitors to bid for rare items of property. They could show, for instance, rare art, jewelry, or coins. Real estate, such as buildings or parcels of land, might also be presented to potential purchasers in this manner. When homes are foreclosed upon, auctioneers could place such items of property on the market. The inventory of varied items presented at auction could also assist people in adding historic or antique pieces to their collections. Auction houses generally represent likely locations for finding antiques and the like. While auctioneers can act dishonestly by rigging bids, all who do so will typically suffer legal ramifications, like fines, and a diminished professional reputation. In any case, auction houses should do all they can to preserve the compact of trust between themselves and their customers.
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