Cortland, New York
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A Glossary of Auctioneer Terms
Public auctions provide an avenue for buying surplus vehicles, fine art, forfeited homes and anything in between. Below is a glossary of different terms you’ll encounter when looking for auctioneers to use for buying or selling.
Estate Auctions – Real estate auctions sometimes sell property seized due to foreclosure. Homeowners sell their property through auction when they want a no-frills sale. You can buy houses and land this way.
Estate Sales – Estate sales are events in which the public is invited to view and buy items of a deceased person’s estate. You can find good value on jewelry, furniture, coin collections, kitchenware and household items at these events. If you don’t like the prices you see the first day of an estate sale, come back on its last day, at which point prices will have been reduced. Or, try negotiating with the auctioneer.
GSA Auctions – The U.S. General Services Administration supplies automobiles to government workers. When these cars are sent to auction, they provide an option for low-mileage cars that are usually only a few years old. You can also find farm equipment, vans and other types of vehicles at these auctions.
Salvage Title Auctions – Automobiles receive a salvage title when they have sustained damage deemed by the insurance company to surpass 50 percent of the car’s total worth. They are sold either live or online at salvage title auctions.
Silent Auction – This kind of auction is common to charity events and includes anything from art to getaway packages. Bidders write down their bids on sheets of paper placed around a room. There is usually a fixed starting price and a guaranteed bid for which you will definitely win the item.
Auctioneers are professionals that conduct auctions. Essentially these experts take various bids on all kinds of automobiles, houses, artwork and jewelry that are up for sale. Once the bidding price stops increasing for an item, the item is declared sold by the auctioneer. It is common for these professionals to work at a specific property, estate or public government building. After all, there are auctions held daily all over the United States. Typically people attend these live events and make public bids on motor vehicles, antique furniture, land or other items of value. However, there are also silent auctions as well.
However, you do not have to attend all live auctions in person. As you likely know, there are also online auction events held regularly. These tend to have many more bidders than live auctions do. In most towns and cities, there are auctioneers assisting with the sales of precious jewelry, farm equipment, classic vehicles and salvaged surplus goods. Sometimes these events are held as charity auctions. This means that all of the funds raised from the sale of land, old cars, furniture and other property goes straight to a specified charity. There are also bank auctions that involve house foreclosures or homes that are seized by a bank. These residential houses or farms are forfeited to the bank if mortgage payments are not met.
You can easily learn more about auctioneers and different types of auction events by surfing the web. Just so you understand, a wide array of furniture, coin collections, precious jewelry and antique cars or automobiles are commonly bid on and sold at these events.