by Myers Jackson | Sep 10, 2022 | Terms
Referring Broker A real estate broker who does not have a listing on a property but refers the auction company to a potential seller for an auction. Usually earns a flat fee commission for referring product to an auction company. Real estate words and...
by Myers Jackson | Sep 10, 2022 | Terms
Bidder’s Choice A method of sale whereby the successful high bidder wins the right to choose an asset or assets from a grouping of similar or like-kind assets. After the high bidder’s selection, the asset is deleted from the group, and the second round of bidding...
by Myers Jackson | Sep 10, 2022 | Terms
Real Estate Owned (REO) REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no...
by Myers Jackson | Sep 10, 2022 | Terms
Bidder Package The package of information and instructions pertaining to the property to be sold at an auction event obtained by prospective bidders at an auction. Also referred to as “bidder packet” or “due diligence packet.” Real estate words and definition...
by Myers Jackson | Sep 10, 2022 | Terms
Bidder Number The number issued to each person who registers at an auction. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active auctions, and properties for sale...
