Listing Info
LISTING INFO
What is the cheapest price that I can offer?
The minimum or lowest bid increment as indicated in the bidding platform when online bidding is in progress. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and definitions related to real estate auctionsContactGet...
Can I make an offer to buy prior to the auction?
Yes, but the seller often prefers to go through the auction process. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and definitions related to real estate auctionsContactGet InTouchEmail: 411@myersjackson.com...
Will there be an open house preview?
Open house previews are typically scheduled for improved properties. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and definitions related to real estate auctionsContactGet InTouchEmail: 411@myersjackson.com...
Where will the auction be held? (Date, Time, & Place)
The auction listing provides the location, date, and time. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and definitions related to real estate auctionsContactGet InTouchEmail: 411@myersjackson.com Phone:...
Who is selling the property, and why are they selling?
Properties are sold for various reasons: estate liquidations, business dissolutions, downsizing, or ease of sale. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and definitions related to real estate...
Does the bidding start at a certain price?
Not always. If no minimum is announced, bidding starts at the starting bid or the initial offer. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and definitions related to real estate auctionsContactGet...
What is a minimum bid?
The announced starting amount for bidding. Minimum bids are different from starting bids. The sellers agrees to accept the price at which the minimum bid has been set. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words...
How do I know if an auction is absolute?
It will explicitly state "absolute" in the auction listing. The Uniform Commercial Code 2-328 states that an auction is presumed to be an auction with reserve unless stated absolute or without minimum bid. For Other Questions About Auctions & Auctioneers For all active auctions...
What does “As Is, Where Is” mean?
You are buying the property in its current condition with no guarantees. Read the Terms and Conditions of Sale in completeness. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and definitions related to real estate...
What is an “absolute auction”?
An absolute auction means the property will sell to the highest bidder regardless of price. However, there are rules that govern the offer and acceptance in strict dictation of the The Uniform Commercial Code 2-328. For Other Questions About Auctions & Auctioneers For all active...
Our Latest Listings
Multifamily Properties
Multifamily Properties Typically, buildings with five or more dwelling units. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...
Commitment Letter
Commitment Letter A binding offer from your lender that includes the amount of the mortgage, the interest rate, and repayment terms. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Collateral
Collateral An asset that is pledged as security for a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan agreement. In the case of a mortgage, the collateral would be the house and real property. Real estate...
Multifamily Mortgage
Multifamily Mortgage A mortgage loan on a building with five or more dwelling units. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...
Assumption
Assumption A homebuyer’s agreement to take on the primary responsibility for paying an existing mortgage from a home seller. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties...
Mortgagor
Mortgagor The owner of real estate who pledges property as security for the repayment of a debt; the borrower. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Co-borrower
Co-borrower Any borrower other than the first borrower whose name appears on the application and mortgage note, even when that person owns the property jointly with the first borrower and shares liability for the note. Real estate words and definition For other...
Mortgagee
Mortgagee The institution or individual to whom a mortgage is given. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com...
Mortgage Rate
Mortgage Rate The interest rate you pay to borrow the money to buy your house. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...
Closing Statement
Closing Statement See “HUD-1 Settlement Statement.” Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...
Mortgage Life Insurance
Mortgage Life Insurance A type of insurance that will pay off a mortgage if the borrower dies while the loan is outstanding; a form of credit life insurance. Real estate words and definition For other words and definitions related to real estate auctions For all...
Mortgage Lender
Mortgage Lender The lender providing funds for a mortgage. Lenders also manage the credit and financial information review, the property and the loan application process through closing. Real estate words and definition For other words and definitions related to...
Closing Date
Closing Date The date on which the sale of a property is to be finalized and a loan transaction completed. Often, a real estate sales professional coordinates the setting of this date with the buyer, the seller, the closing agent, and the lender. Real estate...
Mortgage Insurance Premium (MIP)
Mortgage Insurance Premium (MIP) The amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI) company. Real estate words and definition For other...
Mortgage Insurance (MI)
Mortgage Insurance (MI) Insurance that protects lenders against losses caused by a borrower’s default on a mortgage loan. MI typically is required if the borrower’s down payment is less than 20 percent of the purchase price. Real estate words and definition For...
Mortgage Broker
Mortgage Broker An individual or firm that brings borrowers and lenders together for the purpose of loan origination. A mortgage broker typically takes loan applications and may process loans. A mortgage broker also may close the loan. Real estate words and...
Mortgage
Mortgage A loan using your home as collateral. In some states the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your...
Money Market Account
Money Market Account A type of investment in which funds are invested in short-term securities. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Modification
Modification Any change to the terms of a mortgage loan, including changes to the interest rate, loan balance, or loan term. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties...
Merged Credit Report
Merged Credit Report A credit report issued by a credit reporting company that combines information from two or three major credit bureaus. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...