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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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    Elite Auctions And Fundraising Services
    1700 Cherry St., Bakersfield, CA 93304
    Elite Auctions & Fundraising Services is the premier benefit auction and consulting company in the state of California for Non-profits and Schools.
    (661) 477-2287
    Novotny's Antique Gallery
    2552 E Colorado Blvd, Pasadena, CA 91107
    Shauna Novotny welcomes you to Novotny’s Antique Gallery where you will be able to find the best collection of Antique Furniture, Lighting, Fine Art, Collectables, Decorative Items, Estate Jewelry and much more.
    (626) 577-9660
    Artificial Grass Liquidators
    500 Sequoia Ave, Ontario, CA 91761
    (2) Reviews Write a review
    (949) 333-3716
    User Review: "Agl did our house in the hollywood hills and has astounded every single one of our guests in the past year! we have..." - Jesse (CA)
    Lancaster Auto Auction
    140 E Avenue G4, Lancaster, CA 93535
    (661) 942-2112
    Village Auction Gallery
    21889 Us Highway 18, Apple Valley, CA 92307
    (760) 240-4436
    Auction Direct Auto Group
    14364 7th St, Victorville, CA 92395
    (760) 955-0063
    Furniture Liquidators
    14327 Amargosa Rd, Victorville, CA 92392
    (760) 881-3501
    4575 Kreuer Rd, Phelan, CA 92371
    (760) 444-4545
    I-15 Auctions
    6694 Caliente Rd, Hesperia, CA 92344
    (760) 244-4444
    Auction City
    11430 I Ave, Hesperia, CA 92345
    (760) 244-6154
    Dairyman's Beef Auction
    3334 E Bear Mountain Blvd, Bakersfield, CA 93307
    (661) 831-7422
    Hosking Ave Swapmeet & Auction
    1000 E Hosking Ave, Bakersfield, CA 93307
    (661) 834-0931
    Elite Auctions
    2213 Lucky St, Bakersfield, CA 93307
    (661) 325-6505
    Pearl Ranch Antiques & Auction Yard
    7715 S Union Ave, Bakersfield, CA 93307
    (661) 834-1455
    Flooring Liquidators Inc
    6611 Rosedale Hwy, Bakersfield, CA 93308
    (661) 589-0123

    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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