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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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    Cates Auction
    1440 Iron Street, North Kansas City, MO 64116
    Over the last 72 years, Cates Auction & Realty Co., Inc. has sold virtually every class of real estate at auction. From estates to luxury lake homes, from pasture to recreational land, from industria
    (816) 781-1134
    Ellis Used Furniture
    2410 E 59th St, Kansas City, MO 64130
    (1) Review Write a review
    (816) 363-4500
     
    User Review: "I have tried to make arrangements to have items delivered to these folks, however, they never return my polite phone calls." - J (KS)
    Midtown Auction Service
    8525 Prospect Ave, Kansas City, MO 64132
    (1) Review Write a review
    (816) 444-6504
     
    User Review: "I called wanting to make arrangements to sell some antiques....They seemed to be disinterested in doing any business." - J (KS)
    Peak Auctioneering
    1628 W 9th St, Kansas City, MO 64101
    (816) 474-1982
    Mid-America Liquidators
    1329 Union Ave, Kansas City, MO 64101
    (816) 471-0533
    Trabran Liquidators
    5620 State Ave, Kansas City, KS 66102
    (913) 334-3131
    Auction Car Shipping Service
    1201 Nw Briarcliff Pkwy, Kansas City, MO 64116
    (816) 698-5230
    Manion's International Auction House Inc
    4411 N 67th St, Kansas City, KS 66104
    (913) 299-6692
    Best Deal
    1100 E Linwood Blvd, Kansas City, MO 64109
    (816) 753-3115
    E & D Stamps Auctions
    3025 Merriam Ln, Kansas City, KS 66106
    (913) 432-1806
    Kansas City Estate Sales
    1801 Guinotte Ave, Kansas City, MO 64120
    (816) 960-4664
    Worldwide Liquidators
    7720 N Oak Trfy, Kansas City, MO 64118
    (816) 420-8666
    Kansas City Auction
    5940 Nieman Rd, Shawnee, KS 66203
    (913) 631-8445
    Affiliated Auctioneers
    8747 E Us Highway 40, Kansas City, MO 64129
    (816) 920-6606
    Official Auction
    3130 Wheeling Ave, Kansas City, MO 64129
    (816) 861-3700


    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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