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...
by Myers Jackson | Sep 10, 2022 | Terms
Livestock Marketing Association The LMA is an association committed to the support and protection of the local livestock auction markets and the livestock marketing industry. For all active auctions, and properties for sale CLICK THIS BUTTON Contact Get InTouch...
by Myers Jackson | Sep 10, 2022 | Terms
Listing Broker A real estate broker who has a listing on a property and cooperates with the auction company by allowing the auction agreement to supersede their listing agreement. The broker commonly known as the listing broker or the buyers broker is the individual...
by Myers Jackson | Sep 10, 2022 | Terms
JUMP BID It is a bidding strategy by which a bidder increases the bid by more than the next accepted bid (such as placing your bid at $150 when the next accepted bid is $125). This practice is used by some bidders to discourage others from bidding in hopes of...
