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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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    Bikofsky Services
    300 Cadman Plaza W, Floor 12, Brooklyn, NY 11201
    Trust our inspectors to investigate foreclosed homes in your institution's list. Get in touch with our occupancy inspection company in Brooklyn, NY, today.
    (646) 902-5884
    Victor Auto Sales Inc
    6801 Queens Blvd, Woodside, NY 11377
    Used car dealer specializing in foreign and domestic cars, SUVs, vans, trucks etc. We finance anyone. No credit, Bad credit, No problem!!!
    (718) 672-7171
    New Jersey State Auto Auction
    375 State Hwy, Jersey City, NJ 07097
    Buy quality pre-owned cars, trucks, vans and SUVs below market value. If you are looking for used car bargains at wholesale prices with clean titles, then you have come to the right place. Auctions, too.
    (201) 200-1100
    Federal Auto Auction
    110 E 138th St, Bronx, NY 10451
    (1) Review Write a review
    (718) 292-5500
     
    User Review: "I need to know what day the auctions start and where are they located at and also when it starts"
    Live Auctioneers LLC
    220 12th Ave, New York, NY 10001
    (212) 947-4428
    Kestenbaum & Company
    242 W 30th St Rm 12e, New York, NY 10001
    (212) 366-1197
    Vogt Gallery LLC
    526 W 26th St Rm 911, New York, NY 10001
    (212) 255-2827
    Lj Duffy Incorporated
    275 7th Ave Fl 19, New York, NY 10001
    (212) 414-1506
    Center Auction
    208 W 13th St, New York, NY 10011
    (212) 924-2657
    Close Out Now
    498 Fashion Ave, New York, NY 10018
    (212) 695-6550
    Metropolitan Arts & Antiques Pavilion
    123 W 18th St Ste 804, New York, NY 10011
    (212) 989-8161
    Optimal Auctions
    39 W 19th St Rm 615, New York, NY 10011
    (212) 924-2570
    Wichita Auctioneers Inc
    22 W 38th St, New York, NY 10018
    (212) 221-3700
    Arto Sino Auctions
    36 W 44th St, New York, NY 10036
    (212) 888-9388
    Auction Car Shipping
    500 W 42nd St, New York, NY 10036
    (646) 720-0384


    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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