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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Fair Credit Reporting Act (FCRA)
Fair Credit Reporting Act (FCRA) Aconsumer protection law that imposes obligations on (1) credit bureaus (and similar agencies) that maintain consumer credit histories, (2) lenders and other businesses that buy reports from credit bureaus, and (3) parties who furnish...
Interest
Interest The cost you pay to borrow money. It is the payment you make to a lender for the money it has loaned to you. Interest is usually expressed as a percentage of the amount borrowed. Real estate words and definition For other words and definitions related...
Installment Debt
Installment Debt A loan that is repaid in accordance with a schedule of payments for a specified term (such as an automobile loan). Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Installment
Installment The regular periodic payment that a borrower agrees to make to a lender. 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:...
Inquiry
Inquiry A request for a copy of your credit report by a lender or other business, often when you fill out a credit application and/or request more credit. Too many inquiries on a credit report can hurt your credit score; however, most credit scores are not affected by...
Initial Interest Rate
Initial Interest Rate The original interest rate for an adjustable-rate mortgage (ARM). Sometimes known as the “start rate.” Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties...
Inflation
Inflation An increase in prices. 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: +1-844-400-2828 Phone...
Individual Retirement Account (IRA)
Individual Retirement Account (IRA) A tax-deferred plan that can help you build a retirement nest egg. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Index
Index A number used to compute the interest rate for an adjustable-rate mortgage (ARM). The index is generally a published number or percentage, such as the average interest rate or yield on U.S. Treasury bills. A margin is added to the index to determine the interest...
Income Property
Income Property Real estate developed or purchased to produce income, such as a rental unit. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Hybrid Loan
Hybrid Loan 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. Real estate words and...
HUD-1 Settlement Statement
HUD-1 Settlement Statement A final listing of the closing costs of the mortgage transaction. It provides the sale price and down payment, as well as the total settlement costs required from the buyer and seller. Real estate words and definition For other words...
Housing Expense Ratio
Housing Expense Ratio The percentage of your gross monthly income that goes toward paying for your housing expenses. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Homeowners’ Association
Homeowners’ Association An organization of homeowners residing within a particular area whose principal purpose is to ensure the provision and maintenance of community facilities and services for the common benefit of the residents. Real estate words and...
Homeowner’s Warranty (HOW)
Homeowner’s Warranty (HOW) Insurance offered by a seller that covers certain home repairs and fixtures for a specified period of time. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Homeowner’s Insurance
Homeowner’s Insurance A policy that protects you and the lender from fire or flood, which damages the structure of the house; a liability, such as an injury to a visitor to your home; or damage to your personal property, such as your furniture, clothes or appliances....
Home Inspection
Home Inspection A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation. Real estate words and...
Home Equity Line of Credit (HELOC)
Home Equity Line of Credit (HELOC) A type of revolving loan, that enables a home owner to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower’s equity in the property....
Home Equity Conversion Mortgage (HECM)
Home Equity Conversion Mortgage (HECM) A special type of mortgage developed and insured by the Federal Housing Administration (FHA) that enables older home owners to convert the equity they have in their homes into cash, using a variety of payment options to address...
Hazard Insurance
Hazard Insurance Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other covered hazards or natural disasters. Real estate words and definition For other words and definitions related to real estate auctions For...