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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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    Woodbury Auction LLC
    50 Main St N, Woodbury, CT 06798
    (1) Review Write a review
    (203) 266-0323
    User Review: "4 top auction houses seen, tom out shined them all." - Jessica (CT)
    Barese Donald Fine Art & Antiques
    3651 Whitney Ave, Hamden, CT 06518
    We buy, sell, and appraise everything from fine art and fine jewelry to antiques, coins and other gold and silver goods.
    (203) 248-2700
    J&J Estate Sales and Auctions
    133 Milton Ave, Ballston Spa, NY 12020
    J&J Estate Sales is an estate dispersal service serving the local areas. We conduct on site estate sales, or estate liquidation services. Contact us now for the services of our expert auctioneers.
    (1) Review Write a review
    (518) 728-1282
    User Review: "I will always go to the sales great prices, and good service"
    Stair Galleries & Restoration Inc
    549 Warren St, Hudson, NY 12534
    (518) 751-1000
    William Pitt Sotheby
    35 Railroad Ave, Great Barrington, MA 01230
    (413) 528-4192
    337 Warren St, Hudson, NY 12534
    (518) 965-5288
    State Line Auction
    80 Main St, Canaan, CT 06018
    (860) 453-4370
    George Cole Auctioneers
    7578 N Broadway, Red Hook, NY 12571
    (845) 758-9114
    Herron Robert Antiquarian
    11 Harvey Mountain Rd, Austerlitz, NY 12017
    (518) 392-5478
    Mesick's Country Auction
    2 Austerlitz St, Chatham, NY 12037
    (518) 392-3505
    Donnie Malone A
    2991 Route 9w, Saugerties, NY 12477
    (845) 246-1572
    Barry Cherwin Auctioneers
    20 Gladys Ln, Saugerties, NY 12477
    (845) 247-0499
    Cairo Auction Mart
    299 Main St, Cairo, NY 12413
    (518) 622-3547
    Bonneau's Auction
    3026 Route 23b, Cairo, NY 12413
    (518) 622-3441
    Great American Auction Service Inc
    4390 Albany Post Rd, Hyde Park, NY 12538
    (845) 233-5999

    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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