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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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    Appraisal Services
    1373 Grandview Ave Ste 211, Columbus, OH 43212
    If you are searching for an appraiser, then contact us today for our professional services. Different areas we can assist in include properties, houses, jewelry, cars, and more.
    (614) 832-4120
    Crown Auction & Realty Co
    4017 N Main St, Dayton, OH 45405
    (1) Review Write a review
    (937) 278-4883
    User Review: "Many items unaccounted for I do not recommend. If you use this auctioneer have an accurate list of all items. Asked..."
    Sheridan Pat Auctioneer
    14567 Mansfield Rd, Athens, OH 45701
    Auctioneers, Appraisals & Real Estate. We have experience in Farms, Livestock, Business, Estates, Households, Automobile and Real Estate to Appraise or Liquidate your property for Top Dollar!
    (740) 592-4310
    Cassel & Assoc Realtors & Auctioneers
    6827 N High St, Columbus, OH 43085
    (614) 433-9020
    Auction Ohio
    6511 Proprietors Rd, Columbus, OH 43085
    (614) 505-6340
    Cassel and Associates
    6827 N High St Ste 109, Columbus, OH 43085
    (614) 433-7355
    Liquidate IT Now
    2602 Billingsley Rd, Columbus, OH 43235
    (614) 726-6500
    Paul Delphia Auctioneer
    5900 Roche Dr, Columbus, OH 43229
    (614) 436-7847
    AO Auctions
    6555 Busch Blvd, Columbus, OH 43229
    AO Auctions International, LLC is a full-service auction company with corporate offices in Columbus, Ohio. AO Auctions empowers consumers to buy and sell anything, anytime, anywhere!
    (614) 846-3300
    Auction Ohio
    2931 E Dublin Granville Rd Ste 190, Columbus, OH 43231
    (614) 865-9334
    Ross Realtors
    5043 Tuttle Crossing Blvd, Dublin, OH 43016
    (614) 766-1298
    Mccready & Associates Inc
    9240 Muirkirk Dr, Dublin, OH 43017
    (614) 718-0701
    Ohio State University
    2400 Olentangy River Rd, Columbus, OH 43210
    (614) 292-9678
    Street Sothebys International Realty
    2126 Tremont Ctr, Columbus, OH 43221
    (614) 538-8895
    Central Ohio Flooring Liquidators
    8877 Whitney Dr, Lewis Center, OH 43035
    (614) 384-0220

    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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