Listing Info
LISTING INFO
Can I inspect the property?
The Uniform Commercial Code provides for reasonable inspection. In most cases the auctioneer will open the property in advance for such inspection. Inspection periods may take places with a scheduled appointment by contractors, licensed inspectors, agents or the buyer may perform their own due...
What is Match The BID?
When the seller observes the bidding process, at t any point the seller may accept the bid as presented. If the bid is less than the reserve, the seller, upon such observation the seller may order the auctioneer to reduce the reserve and match the highest bid ultimately authorizing the sale at...
Can the agent bid for me?
Only under strict authorization with power of attorney give permission for an agent to bid for a buyer. If the agent bids outside of these bound the agent is responsible for the actions taken to bid on the property and must fulfill the obligations as the bidder. For Other Questions...
Can I stop other people from bidding?
No you cannot. In fact, such interference is prohibited. The Department of Justice pursues criminal actions for this behavior that includes bid suppression, bid rigging, payoffs, conspiracy, or any conspiracy to interfere with any portion of the auction process. Imagine if you and another buyer...
Does a real estate agent get paid a commission or BAC?
In most cases, yes. A Real Estate Broker or the Brokers Agent must announce the buyer in advance. In most cases there are forms or a certain procedure that is required. Procuring cause must be proved to receive compensation. For Other Questions About Auctions & Auctioneers For...
What is a Buyer Premium Concession?
This means a discount will be taken in account and announced by the Auctioneer. The announcement may be made prior to the initiation of the bidding. The Terms and Conditions may change with the Auctioneers Announcement. BUYER PREMIUM EXAMPLE: Assume $500,000 is the last bid = $25,000 buyer premium...
How do I access the reserve?
By initiating a bid online, a notification will be sent to the bidder. In other portions of the sale the auctioneer may make verbal announcements to indicate if the reserve has been met. Otherwise, the reserve is a confidential number and must not release unless the seller gives written authority....
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...
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Contingency
Contingency A condition that must be met before a contract is legally binding. For example, home purchasers often include a home inspection contingency; the sales contract is not binding unless and until the purchaser has the home inspected. Real estate words...
Construction Loan
Construction Loan A loan for financing the cost of construction or improvements to a property; the lender disburses payments to the builder at periodic intervals during construction. Real estate words and definition For other words and definitions related to...
Condominium
Condominium A unit in a multiunit building. The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areas but does not own the common elements such as the exterior walls, floors and ceilings or the structural...
Concession
Concession Something given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Comparables
Comparables An abbreviation for “comparable properties,” which are used as a comparison in determining the current value of a property that is being appraised. Real estate words and definition For other words and definitions related to real estate auctions For...
Multiple Listing Service (MLS)
Multiple Listing Service (MLS) A clearinghouse through which member real estate brokerage firms regularly and systematically exchange information on listings of real estate properties and share commissions with members who locate purchasers. The MLS for an area is...
Common Areas
Common Areas Those portions of a building, land, or improvements and amenities owned by a planned unit development (PUD) or condominium project’s homeowners’ association (or a cooperative project’s cooperative corporation) that are used by all of the unit owners, who...
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...