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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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    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..."
    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
    William Horn Real Estate
    317 S Church St, Cynthiana, KY 41031
    Residential and Commercial Real Estate, In-person, online and live Internet Bidding for auctions of Estates, Business Liquidation, Auto, Commercial, Farms, Antiques, Collectibles, Personal Property Valuation, Etc.
    (859) 234-5524
    Turpin Auction
    2106 Troy St, Dayton, OH 45404
    (937) 237-8482
    Crown Auction
    4030 N Main St, Dayton, OH 45405
    (937) 278-4883
    Buckeye Electronics
    1318 E Dorothy Ln, Kettering, OH 45419
    (937) 299-2502
    Perkins Interiors & Estate Sales
    504 E Dorothy Ln, Dayton, OH 45419
    (937) 293-2183
    Park Avenue Antiques
    2306 Far Hills Ave, Dayton, OH 45419
    Park Avenue Antiques has been serving the greater Dayton area for over 31 years. The shop is located in Oakwood just south of Dayton, Ohio and has also been a part of the eBay community for over 12 ye
    (937) 293-5691
    Garber Auctioneer Realtor W
    2824 Northlake Ct, Dayton, OH 45414
    (937) 890-1807
    Dayton Carpet Liquidators
    5650 Poe Ave, Dayton, OH 45414
    (937) 279-9898
    Hotel Liquidators
    1927 Needmore Rd, Dayton, OH 45414
    (937) 264-8353
    Innovative Auctions
    338 Gargrave Rd, Dayton, OH 45449
    (513) 539-8721
    42 E Franklin St, Dayton, OH 45459
    (937) 823-9310
    Auctioneers Frank Lewis & Sons
    Miamisburg, OH 45343
    (937) 859-7172
    Cea Properties
    3045 Newmark Dr, Miamisburg, OH 45342
    (937) 853-2619

    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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