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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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    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."
    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!"
    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)
    Cox Auction & Antiques
    153 Gadsden St, Chester, SC 29706
    (803) 385-5511
    Catawba Stockyard
    4700 Catawba River Rd, Catawba, SC 29704
    (803) 329-3684
    Delmar Sales Co
    3835 Lesslie Hwy, Rock Hill, SC 29730
    (803) 329-3084
    Carolina Liquidator
    454 Anderson Rd S, Rock Hill, SC 29730
    (803) 325-1925
    Ligon Company The
    315 E Main St, Rock Hill, SC 29730
    (803) 366-3535
    Berry's At Manchester
    1965 Canterbury Glen Ln, Rock Hill, SC 29730
    (803) 328-8717
    Blackmon Auction Company
    360 Monroe Hwy, Lancaster, SC 29720
    (803) 283-9291
    Poppi's Snack Shack
    4467 Pageland Hwy, Lancaster, SC 29720
    (803) 286-5500
    Auction Getty
    580 Chestnut Cir, Elgin, SC 29045
    (803) 438-0612
    Rock Hill Public Auto Auction
    1601 Cherry Rd, Rock Hill, SC 29732
    (803) 326-0035
    Personal Property Appraisals LLC
    Columbia, SC 29203
    (803) 238-8188
    Kershaw Auction Company
    3251 Kershaw Hwy, Westville, SC 29175
    (803) 475-8076

    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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