by Myers Jackson | Sep 10, 2022 | Terms
Absolute Auction An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an “auction without reserve.” For other words and definitions...
by Myers Jackson | Sep 10, 2022 | Terms
Auction Price The price of a property obtained through the auction method of marketing. For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active auctions, and properties for sale CLICK THIS BUTTON Contact Get InTouch...
by Myers Jackson | Sep 10, 2022 | Terms
Market Value The highest price that a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Ask yourself...
by Myers Jackson | Sep 10, 2022 | Terms
Other Real Estate Owned Real property owned by a banking institution that is not directly related to its business. In balance sheet terms, OREO assets are considered non-earning assets for purposes of regulatory accounting. OREO is most frequently a result of...
by Myers Jackson | Sep 10, 2022 | Terms
Absentee Bid A procedure that allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the...
