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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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    Millers Auctioneering Services
    910 E Bell Ave, Des Moines, IA 50315
    (1) Review Write a review
    (515) 710-9491
    User Review: "Millers auctioneer services is a very great company to work with goes all over iowa"
    Des Moines Auto Auction
    1530 E Mckinley Ave, Des Moines, IA 50320
    (1) Review Write a review
    (515) 285-8911
    User Review: "I hated the auctions before. I didn't trust them until I met my friend, who told me about repokar car auction....I tried to..." - Jenny (CA)
    Grant City Livestock Auction
    Old Hwy 169 N, Grant City, MO 64456
    (1) Review Write a review
    (660) 564-3454
    User Review: "Every time we attend the grant city auction they make us feel welcome. Don the auctioneer has a lot of heart for the seller..."
    Wheeler's Auctions
    228 E Army Post Rd, Des Moines, IA 50315
    (515) 264-0300
    Greenfield's Professional Auction Service
    3920 Dixon St Ste A, Des Moines, IA 50313
    (515) 265-2429
    Vocon Auctions
    4747 Ne 14th St, Des Moines, IA 50313
    (866) 218-6266
    Auction Car Shipping
    4111 Delaware Ave, Des Moines, IA 50313
    (515) 418-9480
    A Okay Antiques
    124 5th St, West Des Moines, IA 50265
    (515) 255-2525
    Blue Hammer Auctions
    9103 Swanson Blvd, Clive, IA 50325
    (515) 223-0474
    Pkg S
    10201 University Ave Ste A15, Clive, IA 50325
    (515) 224-1923
    Prohaska Auctions
    812 Se Little Beaver Dr, Grimes, IA 50111
    (515) 986-4616
    Remax West Realty Inc
    204 W Hickman Rd, Waukee, IA 50263
    (515) 987-8000
    Graham Auction Service
    604 Ne 142nd Ave, Alleman, IA 50007
    (515) 685-3144
    Iowa Interstate LLC
    3277 Ute Ave, Waukee, IA 50263
    (515) 518-2969
    Peoples Company of Indianola
    113 W Salem Ave, Indianola, IA 50125
    (515) 961-0247

    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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