LISTING INFO
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...
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...
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Balloon Payment
Balloon Payment A final lump sum payment that is due, often at the maturity date of a balloon mortgage. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Balloon Mortgage
Balloon Mortgage A mortgage with monthly payments often based on a 30-year amortization schedule, with the unpaid balance due in a lump sum payment at the end of a specific period of time (usually 5 or 7 years). The mortgage may contain an option to “reset” the...
Balance Sheet
Balance Sheet A financial statement that shows assets, liabilities, and net worth as of a specific date. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Assumption Fee
Assumption Fee A fee a lender charges a buyer who will assume the seller’s existing mortgage. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Assumable Mortgage
Assumable Mortgage A mortgage loan that can be taken over (assumed) by the buyer when a home is sold. An assumption of a mortgage is a transaction in which the buyer of real property takes over the seller’s existing mortgage; the seller remains liable unless released...
Assignment of Mortgage
Assignment of Mortgage A document evidencing the transfer of ownership of a mortgage from one person to another. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Warranties
Warranties Written guarantees of the quality of a product and the promise to repair or replace defective parts free of charge. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...
Walk-Through
Walk-Through A common clause in a sales contract that allows the buyer to examine the property being purchased at a specified time immediately before the closing, for example, within the 24 hours before closing. Real estate words and definition For other words...
VA Guaranteed Loan
VA Guaranteed Loan A mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Veterans Affairs (U.S. Department of Veterans Affairs)
Veterans Affairs (U.S. Department of Veterans Affairs) A federal government agency that provides benefits to veterans and their dependents, including health care, educational assistance, financial assistance, and guaranteed home loans. Real estate words and...
Unsecured Loan
Unsecured Loan A loan that is not backed by collateral. 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:...
Uniform Residential Loan Application
Uniform Residential Loan Application A standard mortgage application you will have to complete. The form requests your income, assets, liabilities, and a description of the property you plan to buy, among other things. Real estate words and definition For other...
Underwriting
Underwriting The process used to determine loan approval. It involves evaluating the property and the borrower’s credit and ability to pay the mortgage. Real estate words and definition For other words and definitions related to real estate auctions For all...
Two- to Four- Family Property
Two- to Four- Family Property A residential property that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed; a loan secured by such a property is considered to be a single-family...
Truth-In-Lending Act (TILA)
Truth-In-Lending Act (TILA) A federal law that requires disclosure of a truth-in-lending statement for consumer credit. The statement includes a summary of the total cost of credit, such as the annual percentage rate (APR) and other specifics of the credit. Real...
Treasury Index
Treasury Index An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions by the U.S. Treasury of Treasury bills and securities. Real estate words and definition For other...
Transfer Tax
Transfer Tax State or local tax payable when title to property passes from one owner to another. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Trade Equity
Trade Equity Real estate or assets given to the seller as part of the down payment for the 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...
Title Search
Title Search A check of the public records to ensure that the seller is the legal owner of the property and to identify any liens or claims against the property. Real estate words and definition For other words and definitions related to real estate auctions For...
Title Insurance
Title Insurance Insurance that protects lenders and homeowners against legal problems with the title. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...