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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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    Renton, WA 98055
    DirectBuy Kent helps you save money on kitchen remodeling projects including Kitchen Cabinets, Kitchen Counter Tops, Appliances, and more through a network of brand name manufacturers.
    (425) 282-6000
    Edmonds Mercantile
    529 Dayton St, Edmonds, WA 98020
    Antique and collectable store, auction house and eBay trading assistant.
    (425) 778-5230
    Red Door Antique Mall
    111 Freeway Dr, Mount Vernon, WA 98273
    (1) Review Write a review
    (360) 419-0811
    User Review: "Very nice shop keepers. Good dealers with fair pricing. Have bought many items there."
    Northwest Benefit Auctions
    1200 112th Ave Ne Ste C250, Bellevue, WA 98004
    (425) 688-1110
    Auction Services
    860 100th Ave Ne Apt 31, Bellevue, WA 98004
    (425) 451-2267
    Northwest Benefit Auctions
    1750 112th Ave Ne Ste A200, Bellevue, WA 98004
    (425) 688-1110
    4249 Po Box, Bellevue, WA 98009
    (425) 455-3864
    Impact Merchandise
    13434 Ne 16th St Ste 200, Bellevue, WA 98005
    (425) 644-5314
    Estate and Wealth Management LLC
    12011 Ne 1st St, Bellevue, WA 98005
    (425) 453-7733
    Carpet Liquidators
    11220 120th Ave Ne, Kirkland, WA 98033
    (425) 284-6870
    Skiforall Gala Auction
    7900 Se 28th St Ste 200, Mercer Island, WA 98040
    (206) 236-5476
    McLeod Group Inc
    112 Lake St S, Kirkland, WA 98033
    (425) 822-4114
    Evergreen Professional Estates LLC
    9655 Se 36th St, Mercer Island, WA 98040
    (206) 232-9900
    Madison House
    4227 E Madison St Ste 1d, Seattle, WA 98112
    (206) 328-1011
    Thanh Phat Tai
    404 12th Ave S, Seattle, WA 98144
    (206) 323-0645

    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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