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...
by Myers Jackson | Sep 10, 2022 | Terms
Real Estate Real estate, also known as real property, is a legal term that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location — immovable. Real estate words and...
by Myers Jackson | Sep 10, 2022 | Terms
Bid Rigging The unlawful practice whereby two or more people agree not to bid against one another so as to deflate value. See “Collusion”. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK...
by Myers Jackson | Sep 10, 2022 | Terms
Bid Caller The person who actually “calls,” “cries” or “auctions” the property at an auction, recognizing bidders and acknowledging the highest bidder. Commonly known as the auctioneer. Real estate words and definition CLICK THIS BUTTON For other words and...
