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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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    Fox Valley Coins, Inc.
    2274 Ogden Ave, Aurora, IL 60504
    (1) Review Write a review
    (630) 820-2800
    User Review: "I have been going to fox valley coins for about 20 years now. They are very friendly and have great prices. My father told..." - Harry (IL)
    Treasure Hunt
    1230 N Roselle Rd, Schaumburg, IL 60195
    We buy, sell & consign the finest home furnishings. Famous names like Baker, Henredon, Thomasville and so on. Great prices on all our furniture.
    (847) 843-2002
    H & J Liquidators and Closeouts Inc
    125 E Oakton St, Des Plaines, IL 60018
    Making customers happy by serving the wholesale retail community with excellent deals and high value. We specialize in liquidation closeout collections, selling and auctioning excess inventory at discount prices.
    (630) 595-7717
    Another Time Inc
    74 S Lasalle St, Aurora, IL 60505
    (630) 801-8911
    A Pex
    27475 Ferry Rd, Warrenville, IL 60555
    (630) 717-3720
    Tech Clerk
    27475 Ferry Rd, Warrenville, IL 60555
    (630) 717-2778
    A-All American Auctioneers & Appraisers
    894 N Lake St, Aurora, IL 60506
    (630) 996-9011
    Johnson Randy
    480 Quail Dr, Naperville, IL 60565
    (630) 637-8569
    Peak Auctioneering
    525 S Randall Rd, Saint Charles, IL 60174
    (630) 584-3860
    Auction Block 10
    1500 Foundry St, Saint Charles, IL 60174
    (630) 945-3078
    Rod's Warehouse Inc
    2009 Granart Rd, Sugar Grove, IL 60554
    (630) 556-3950
    Key Estate Sales
    1920 W Main St, Saint Charles, IL 60174
    (630) 444-0950
    Positively Posh
    364 Pennsylvania Ave, Glen Ellyn, IL 60137
    (630) 546-4641
    Auctions by Jennifer
    883 E Geneva Rd, Carol Stream, IL 60188
    (630) 653-2932
    Five Below
    1001 75th St Ste 175, Woodridge, IL 60517
    (630) 985-4626

    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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