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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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    Rabin Auctioneers
    300 Montgomery St, San Francisco, CA 94104
    (1) Review Write a review
    (415) 362-0155
    User Review: "Best auctioneers this side of the rockies. This company gets results." - lou (CA)
    Better Source Liquidators
    1863 S Norfolk St, San Mateo, CA 94403
    The Bay Area's expert source for used office cubicles and furniture. Offering used cubicles, furniture, office cubicles, reception furniture, office accessories and more.
    (650) 345-9605
    Lemar Auctions & Estate Servic
    3951 Development Drive Ste 11, Sacramento, CA 95838
    We liquidate estates through the auction process. Family members call our business that may have lost a loved one and do not have room to take on their loved one's belongings. We clear the content out.
    (916) 203-5443
    Estates Consignments
    1500 Contra Costa Blvd, Pleasant Hill, CA 94523
    (925) 682-6800
    Auction Direct Auto
    1776 Arnold Industrial Way, Concord, CA 94520
    (925) 681-3000
    Diablo Appraisal & Estate Sales
    5350 Clayton Rd, Concord, CA 94521
    (925) 766-5066
    Hospice of The East Bay Estate Sales
    5350 Clayton Rd, Concord, CA 94521
    (925) 674-9072
    Ashman Company Auctioneers & Appraisers Inc
    1415 Oakland Blvd Ste 200, Walnut Creek, CA 94596
    (925) 256-8111
    Ashman Company Auctioneers & Appraisers Inc
    1415 Oakland Blvd, Walnut Creek, CA 94596
    (925) 256-9907
    Autos for Auction Inc.
    2691 E Leland Rd, Pittsburg, CA 94565
    (925) 432-7210
    Middle East Exporter Importer LLC. DBA Adam&Associ
    440 Railroad Ave Unit 201, Pittsburg, CA 94565
    (925) 963-1434
    People & Properties Shotheby's International Realt
    3725 Mt Diablo Blvd, Lafayette, CA 94549
    (925) 283-7866
    Pereira John
    6040 Alhambra Valley Rd, Martinez, CA 94553
    (925) 228-6866
    Ncc Appraisal Svcs
    827 Arnold Dr Ste 70, Martinez, CA 94553
    (925) 370-0100
    R & L Jewelers
    5435 Clayton Rd Ste J, Clayton, CA 94517
    (925) 672-2600

    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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