Listing Info
LISTING INFO
What happens if you win at an auction and can’t pay?
Winning an auction creates a binding contract. Failure to pay can result in breach of contract, loss of deposits, legal action, and a damaged reputation. You may also face additional costs for relisting. The seller may have other enforcement announcements in the terms and conditions of sale....
How will the final payment be calculated?
The final payment includes the bid price. The buyer's premium, auctioneers fee, and additional fees such as closing costs, transfer, documentation and attorney fees are costs in addition to the bid or price offered. The Auctioneer normally will report the bid amount and any buyer’s premium or...
Can a seller refuse a winning bid?
Yes, even if the offer is above the listing price, a seller has the legal right to refuse a bid and accept another offer if the terms of the auction are offered with Reserve. Texas State law gives option for choices a seller can make after receiving an offer in full or otherwise. There may be...
What is the dominant strategy of an auction?
The dominant strategy is to bid your true value—exactly what the object is worth to you. Figure out what an appropriate market value or what a price you as the buyer is willing to pay. Gain help from a Real Estate Agent, an Agent can use their expertise to do a Comparable Market Analysis. In turn,...
What is the most likely reason to lose a bid?
Non-compliance is a common reason for losing a bid. Missing details from the buyer’s registration, false proof of funds, refusal to comply with the Terms and Conditions of Sale. If the buyer’s agent does not properly register the buyer with the Auctioneer, the Buyer’s Agent may not qualify for...
Do I get clear and insurable title?
The buyer is responsible for the title policy if the transaction is insurable. All property is offered "As Is" and "Where Is" with no guarantee or warranty, expressed or implied. Information about known encumbrances or other interests in the property is provided through the title companies search...
When there is cash or no financing contingency, can I still bid?
Yes, you can still bid. A cash offer might seem better to some, but waiving the financing contingency can also be attractive. However, forfeiting deposits or other contingencies can introduce risks. For Other Questions About Auctions & Auctioneers For all active auctions and...
Is it true that sellers don’t always pick the highest offer?
Sellers don’t always pick the highest offer. For instance, an offer well above the asking price with a 5% down payment might be rejected if the property doesn’t appraise at the proposed purchase price. How about an offer to finance same as cash with 20% - 25% down under non-refundable terms?...
What are aggressive bidding strategies?
We define multiple aggressive bidding strategies: MAX BIDDING TOOL, high opening bid, high bid increase (jump bids), short acceptance deadline with collectable funds at the BID AWARD. Some bidders want to end the bidding process. If that is the goal of the buyer, then make your highest and best...
Frequently asked questions about Auctions
Frequently ask questions about Auctions is very common. Below is a list that people ask when talking about Auctions. These also include questions about how the Auctioneer handles certain situations.. questions range from live auctions to online only Auctions. People commonly ask questions about...
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Late Charge
Late Charge A penalty imposed by the lender when a borrower fails to make a scheduled payment on time. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Certificate of Deposit
Certificate of Deposit A document issued by a bank or other financial institution that is evidence of a deposit, with theissuer’s promise to return the deposit plus earnings at a specified interest rate within a specified time period. Real estate words and...
Keogh Funds
Keogh Funds A tax-deferred retirement-savings plan for small business owners or self-employed individuals who have earned income from their trade or business. Contributions to the Keogh plan are tax-deductible. Real estate words and definition For other words...
Junior Mortgage
Junior Mortgage A loan that is subordinate to the primary loan or first-lien mortgage loan, such as a second or third mortgage. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Cash-out Refinance
Cash-out Refinance A refinance transaction in which the borrower receives additional funds over and above the amount needed to repay the existing mortgage, closing costs, points, and any subordinate liens. Real estate words and definition For other words and...
First Mortgage
First Mortgage A mortgage that is the primary lien against a property. 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...
Capacity
Capacity Your ability to make your mortgage payments on time. This depends on your income and income stability (job history and security), your assets and savings, and the amount of your income each month that is left over after you’ve paid for your housing costs,...
Jumbo Loan
Jumbo Loan A loan that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Also called “non-conforming loan.” Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...
Judgment Lien
Judgment Lien A lien on the property of a debtor resulting from the decree of a court. 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:...
Cap
Cap For an adjustable-rate mortgage (ARM), a limitation on the amount the interest rate or mortgage payments may increase or decrease. See also “LifetimePayment Cap,” “Lifetime Rate Cap,” “Periodic Payment Cap,” and “Periodic Rate Cap.” Real estate words and...
FHA-Insured Loan
FHA-Insured Loan A loan that is insured by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD). Real estate words and definition For other words and definitions related to real estate auctions For all active...
Investment Property
Investment Property A property purchased to generate rental income, tax benefits, or profitable resale rather than to serve as the borrower’s primary residence. Contrast with “second home.” Real estate words and definition For other words and definitions related...
Fannie Mae/Freddie Mac Loan Limit
Fannie Mae/Freddie Mac Loan Limit The current 2006 Fannie Mae/Freddie Mac loan limit for a single-family home is $417,000 and is higher in Alaska, Guam, Hawaii, and the U.S. Virgin Islands. The Fannie Mae loan limit is $533,850 for a two-unit home; $645,300 for a...
Interest Rate Floor
Interest Rate Floor For an adjustablerate mortgage (ARM), the minimum interest rate, as specified in the mortgage note. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for...
Fannie Mae-Seller/Servicer
Fannie Mae-Seller/Servicer A lender that Fannie Mae has approved to sell loans to it and to service loans on Fannie Mae’s behalf. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Fannie Mae
Fannie Mae A New York stock exchange company. It is a public company that operates under a federal charter and is the nation’s largest source of financing for home mortgages. Fannie Mae does not lend money directly to consumers, but instead works to ensure that...
Interest Rate Ceiling
Interest Rate Ceiling For an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties...
Fair Market Value
Fair Market Value The price at which property would be transferred between a willing buyer and willing seller, each of whom has a reasonable knowledge of all pertinent facts and is not under any compulsion to buy or sell. Real estate words and definition For...
Interest Rate Cap
Interest Rate Cap For an adjustablerate mortgage (ARM), a limitation on the amount the interest rate can change per adjustment or over the lifetime of the loan, as stated in the note. For other words and definitions related to real estate auctions For all...
Interest Accrual Rate
Interest Accrual Rate The percentage rate at which interest accumulates or increases on a mortgage loan. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...