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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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    A-A Empire Antiques
    278 Monmouth St, Hightstown, NJ 08520
    (1) Review Write a review
    (609) 426-0820
    User Review: "Sellers beware !!! this owner gives sellers badly priced 'tags'.. "no" 'tags, missing valuables, items he swears he sold in..."
    Dennis Auction
    Stewartsville, NJ 08886
    (1) Review Write a review
    (908) 859-3424
    User Review: "Many other aution houses to choose from, this would not be a good choice"
    Coach's Corner Sports Auctions LLC
    47 N. Front Street, Souderton, PA 18964
    Coach's Corner has been in business in the heart of Souderton, PA for over 30 years. It is a family-run business that has auctioned off over 2 million items since our inception.
    (215) 721-9162
    State of Nj
    354 Stockton St, Princeton, NJ 08540
    (609) 924-3044
    Bodnar's Auction Sales
    9 Woodrow Rd, Kendall Park, NJ 08824
    (866) 349-7378
    Henderson Sothebys International Realty
    134 S Main St, Pennington, NJ 08534
    (609) 737-9550
    Cranbury Bookworm
    79 N Main St, Cranbury, NJ 08512
    (609) 655-1063
    Callaway Henderson Sotheby's International Realty
    37 N Main St, Cranbury, NJ 08512
    (609) 395-0444
    2124 Camplain Rd, Hillsborough, NJ 08844
    (908) 541-2200
    Stout David
    47 Jefferson Ave, Trenton, NJ 08619
    (609) 586-2149
    Paint Liquidator
    1356 Parkside Ave, Trenton, NJ 08638
    (609) 882-1018
    Jazz Auction The
    912 W State St, Trenton, NJ 08618
    (609) 393-5299
    Adesa Auctions New Jersey
    200 N Main St, Manville, NJ 08835
    (908) 725-2200
    Tri-County Co-Operative Auction Market Assn Inc
    619 Route 33 W, Hightstown, NJ 08520
    (609) 448-0193
    Dingman & James Auction Co
    138 Conover Rd, Hightstown, NJ 08520
    (609) 443-9339

    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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