Listing Info
LISTING INFO
Are auctions only for distressed or discounted properties?
No. Auctions include properties from private individuals, luxury property, residential homes, land and ranch, farm properties, corporations, and estates, not just distressed situations. For Other Questions About Auctions & Auctioneers For all active auctions and properties for...
When do you have auctions?
Auctions are held continuously. Signing up for email alerts is the best way to stay updated. Check the bidding pages at MyersJackson.bid :|: Watch for the RED LIGHTS (reserve not met) and GREEN LIGHTS (reserve met). For Other Questions About Auctions & Auctioneers For all active...
What is a bank letter of credit?
A letter that may be required at some auctions to show you are approved for a certain amount. The bank letter of credit guarantees the bank will pay the amount of money required. The bank letter of credit is a powerful instrument when it comes to guaranteed payment. For Other...
What is a buyer’s premium?
A buyer’s premium is a fee added to your bid price to create the contract price. Buyer’s Premium may be found in other articles within these webpages. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and definitions...
I want to go to an auction. What should I know before I bid?
Understand the terms of the auction and set a budget to avoid getting caught up in the excitement. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other terms and definitions related to real estate auctionsContactGet...
How do I become an auctioneer? What’s the path for starting the career?
Start by practicing the chant and improving over time. Schools in Iowa, Montana, Texas, Ohio, Indiana, and Florida offer professional auctioneer training For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and...
What do auctioneers say?
The fast talk you hear is called the "chant," spoken at about 600 words per minute. Filler words are used between the asking prices. The auctioneer announces the money that has been bid and the amount the auctioneer is asking. I have bid 100 dollars and now asking 125. This is a continual process...
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...
Our Latest Listings
Liability Insurance
Liability Insurance Insurance coverage that protects property owners against claims of negligence, personal injury or property damage to another party. Real estate words and definition For other words and definitions related to real estate auctions For all...
Chain of Title
Chain of Title The history of all of the documents that have transferred title to a parcel of real property, starting with the earliest existing document and ending with the most recent. Real estate words and definition For other words and definitions related to...
Liabilities
Liabilities A person’s debts and other financial obligations. 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:...
Certificate of Eligibility
Certificate of Deposit A document issued by the U.S. Department of Veterans Affairs (VA) certifying a veteran’s eligibility for a VA-guaranteed mortgage loan. Real estate words and definition For other words and definitions related to real estate auctions For...
Lease-Purchase Option
Lease-Purchase Option An option sometimes used by sellers to rent a property to a consumer, who has the option to buy the home within a specified period of time. Typically, part of each rental payment is put aside for the purpose of accumulating funds to pay the down...
Fixed-Period Adjustable-Rate Mortgage
Fixed-Period Adjustable-Rate Mortgage An adjustable-rate mortgage (ARM) that offers a fixed rate for an initial period, typically three to ten years, and then adjusts every six months, annually, or at another specified period, for the remainder of the term. Also known...
First-Time Home Buyer
First-Time Home Buyer A person with no ownership interest in a principal residence during the three-year period preceding the purchase of the security property. Real estate words and definition For other words and definitions related to real estate auctions For...
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...