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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.
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    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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    George Dean Auction Service
    11211 N Union Rd, Evansville, WI 53536
    George Auction Service and Real Estate Auctions is a full time, full service, fully insured auction service. We will organize your auction to net you the top dollar.
    (608) 882-6123
    Touch of Pride Sales LLC
    5503 Monona Dr, Madison, WI 53716
    We specialize in estate and household sales, particularly furniture and antiques. We are open by appointment or for approximately monthly estate sales. Please window-shop our store and, if you wish, phone for an appointment.
    (608) 221-3419
    Jim's Coins & Stamps
    702 N Midvale Blvd Ste B2, Madison, WI 53705
    Full service Coin & stamp store in Madison, Wisconsin in Lower level of Hilldale Mall. Buy, Sell, Appraise old coins, gold, silver, platinum, dental gold, Morgan dollars, krugerrands, bullion, currency, broken jewelry, stamps and related items.
    (608) 233-2118
    House of Treasure LLC
    500 W Milwaukee St, Janesville, WI 53548
    (608) 757-2866
    Berkshire Realty & Auction
    409 Washington St, Edgerton, WI 53534
    (608) 884-7728
    Fairway Auto Auction LLC
    999 County Road A, Edgerton, WI 53534
    (608) 884-4100
    Albertson Auction & Appraisal Service
    W2409 Swann St, Albany, WI 53502
    (608) 862-3531
    Orfordville Auction
    114 E Spring St, Orfordville, WI 53576
    (608) 879-2254
    Janesville Auction Service
    1038 Walker St, Janesville, WI 53545
    (608) 754-2500
    Carousel Consignments
    31 S Main St, Janesville, WI 53545
    (608) 758-0553
    United Country Elite Realty & Auction
    2509 Morse St Ste 150, Janesville, WI 53545
    (608) 756-3976
    North American Fur Auction
    205 Industrial Cir, Stoughton, WI 53589
    (608) 205-9200
    Auction Specialists Stoughton
    1320 Roby Rd, Stoughton, WI 53589
    (608) 873-7791
    Weber Darrel R
    2708 N County Road M, Milton, WI 53563
    (608) 868-7136
    Badger State Auction & Real Estate
    Milton, WI 53563
    (608) 868-2199


    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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