Listing Info
LISTING INFO
What time do auctions start? Auction ends when…
What time do auctions start? Auction ends when... Real estate auctions starting times are scheduled by the Auctioneer. Online Auctions start and end at different times. The Schedule of Events dictate the start of the Auction. Pay attention to each sale. Each sale has a schedule of events. These...
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...
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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...
Growing-Equity Mortgage (GEM)
Growing-Equity Mortgage (GEM) A fixed-rate mortgage in which the monthly payments increase according to an agreed-upon schedule, with the extra funds applied to reduce the loan balance and loan term. Real estate words and definition For other words and...
Ground Rent
Ground Rent Payment for the use of land when title to a property is held as a leasehold estate (that is, the borrower does not actually own the property, but has a long-term lease on it). Real estate words and definition For other words and definitions related...
Executor
Executor A person named in a will and approved by a probate court to administer the deposition of an estate in accordance with the instructions of the will. Real estate words and definition For other words and definitions related to real estate auctions For all...
Gross Monthly Income Ground Rent
Gross Monthly Income Ground Rent The income you earn in a month before taxes and other deductions. It also may include rental income, self-employed income, income from alimony, child support, public assistance payments, and retirement benefits. Real estate words...
Government National Mortgage Association (Ginnie Mae)
Government National Mortgage Association (Ginnie Mae) A government-owned corporation within the U.S. Department of Housing and Urban De-velopment (HUD) that guarantees securities backed by mortgages that areinsured or guaranteed by other government agencies. Popularly...
Government Mortgage
Government Mortgage A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS). Real estate words and definition...
Good-Faith Estimate
Good-Faith Estimate A form required by the Real Estate Settlement Procedures Act (RESPA) that discloses an estimate of the amount or range of charges, for specific settlement services the borrower is likely to incur in connection. Real estate words and...
Gift Letter
Gift Letter A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don’t have to repay it. You can use this money towards a portion of your down payment with some mortgages.with the mortgage transaction....
Exclusive Agency Listing
Exclusive Right-to-Sell Listing The traditional kind of listing agreement under which the property owner appoints a real estate broker (known as the listing broker) as exclusive agent to sell the property on the owner’s stated terms, and agrees to pay the listing...
General Contractor
General Contractor A person who oversees a home improvement or construction project and handles various aspects such as scheduling workers and ordering supplies. Real estate words and definition For other words and definitions related to real estate auctions For...
Exclusive Right-to-Sell Listing
Exclusive Right-to-Sell Listing The traditional kind of listing agreement under which the property owner appoints a real estate broker (known as the listing broker) as exclusive agent to sell the property on the owner’s stated terms, and agrees to pay the listing...
Fully Amortized Mortgage
Fully Amortized Mortgage A mortgage in which the monthly payments are designed to retire the obligation at the end of the mortgage term. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...