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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.
    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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    J W Tugwell Auction & Realty Co
    7483 Nc Highway 43 N, Macclesfield, NC 27852
    Providing effective auctions for farm land, farm equipment, and real estate. Whether you're selling or buying farm land, tractors, plows, or other farm amenities, consider our services.
    (252) 752-8220
    Union County Livestock Auction Inc
    2003 Stafford Ext, Monroe, NC 28110
    (2) Reviews Write a review
    (704) 289-1900
    User Review: "Extremely clean facility with knowledgable and helpful service. Will be back!"
    A Kleins Auction
    4704 N College Rd, Castle Hayne, NC 28429
    Our experienced auction house will sell, appraise, and auction all rare coins, bullion, diamonds, estate jewelry, and art deco pieces. If you have only one item or a whole house filled to the brim, we can take it to auction.
    (910) 675-8450
    Heritage Auction Company
    Kill Devil Hills, NC 27948
    (1) Review Write a review
    (252) 480-1480
    User Review: "People are helpful and open to bids...Very good stuff..No junk..Will be able to get surprising values"
    Tital Realty Group
    1009 N Lake Park Blvd Ste 3c, Carolina Beach, NC 28428
    (910) 458-5654
    Gate City Aucti
    5715 W Market St Ste B, Greensboro, NC 27409
    Retail auction held every Monday night at 6 p.m. Antiques Auction held once a month, check website for details. WE ACCEPT CONSIGNMENTS!
    (336) 855-7566
    Dealer Auto Auction LLC
    6100 Brookshire Blvd, Charlotte, NC 28216
    (1) Review Write a review
    (704) 394-0326
    User Review: "This is a good place to buy used cars and turks" - abid (NC)
    Great State Auction Company
    104 E Main St, Wilkesboro, NC 28697
    (1) Review Write a review
    (336) 667-9265
    User Review: "Worst atmosphere I've even seen at an auction. The mouthy (owner) father and his son get into arguments in the middle of an..."
    Auctions By JNL
    19508 Smith Cir Apt A, Cornelius, NC 28031
    Talented auctioneers to take bids and sell items. Consider our auction house when you need to liquidate your estate antiques, business furniture and equipment or other property. Real estate sales and appraisal also available.
    (980) 253-6780
    Adesa Auctions
    11600 Fruehauf Dr, Charlotte, NC 28273
    (1) Review Write a review
    (704) 587-7653
    User Review: "These people are the rudest individuals I have ever dealt with."
    Boatwright Auctions
    21 Tarheel Trl, Franklin, NC 28734
    (1) Review Write a review
    (828) 524-2499
    User Review: "Awesome! I went for the first time in oct 2014....Loved it....I felt like I was part of the family! I can't express..." - Donna (NC)
    Allen's Auctions
    40818 Stony Gap Rd, Ablemarle, NC 28001
    Discover antiques and collectibles at a fair market price at Allen's Auctions. We have auctions at three locations near Charlotte, NC.
    (704) 385-4964
    King Auction Group
    4315 Nc-24, Newport, NC 28570
    At our auction house, we'll help you sell your unwanted belongings. We also perform estate sales in Newport, NC.
    (252) 777-0532
    Auctions Unlimited Inc
    125 Melton Dr, Shelby, NC 28152
    (704) 482-6872
    Thompsons Auctions Co & Realty
    5414 Wilkinson Blvd, Charlotte, NC 28208
    (704) 394-6433

    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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