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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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    Great State Auction Company
    104 E Main St, Wilkesboro, NC 28697
    (1) Review Write a review
    (336) 667-9265
     
    User Review: "Worst atmosphere I've even seen at an auction. The mouthy (owner) father and his son get into arguments in the middle of an..."
    Weese Auction Co Inc
    4502 Grayson Tpke, Crockett, VA 24323
    Full service auction company, estates, business liquidations, Real Estate, personal property. New state of the art auction facility for your convenience.
    (276) 686-4575
    Auctions By JNL
    19508 Smith Cir Apt A, Cornelius, NC 28031
    Talented auctioneers to take bids and sell items. Consider our auction house when you need to liquidate your estate antiques, business furniture and equipment or other property. Real estate sales and appraisal also available.
    (980) 253-6780
    Roan Valley Auction Co
    5235 Highway 421 S, Mountain City, TN 37683
    (423) 727-5574
    Barry Real Estate & Auction
    2230 S Shady St, Mountain City, TN 37683
    (423) 727-9131
    Valley Forge Auction
    412 Cherokee Park Dr, Elizabethton, TN 37643
    (423) 543-3051
    Street's Realty
    407 N Main St, Elizabethton, TN 37643
    (423) 543-4094
    Watauga Valley Land & Auction Co
    308 W G St, Elizabethton, TN 37643
    (423) 543-3803
    Royston Auction Company
    116 Mustang Valley Ln, Elizabethton, TN 37643
    (423) 895-0179
    Brookshire John S Real Estate & Auction Co
    600 E Elk Ave, Elizabethton, TN 37643
    (423) 543-6765
    Whitehead Realty Auction
    411 Bemberg Rd, Elizabethton, TN 37643
    (423) 547-5963
    A Ok Auction Company LLC
    17043 Jeb Stuart Hwy, Abingdon, VA 24211
    (276) 676-0009
    Mountain Sotheby's Int'l Realty
    2120 Tynecastle Hwy Ste 2, Banner Elk, NC 28604
    (828) 898-8406
    Tri-Cities Auto Auction
    4571 Highway 11 E, Bluff City, TN 37618
    (423) 391-0088
    Bart Long & Associates Realty and Auction
    417 Scott St, Bristol, VA 24201
    (276) 466-4663


    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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