LISTING INFO
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...
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...
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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...
Title
Title The right to, and the ownership of, property. A title or deed is sometimes used as proof of ownership of land. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Third-Party Origination
Third-Party Origination A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package a mortgage loan. See also “Mortgage Broker.” Real estate words and definition For other words and...
Termite Inspection
Termite Inspection An inspection to determine whether a property has termite infestation or termite damage. In many parts of the country, a home must be inspected for termites before it can be sold. Real estate words and definition For other words and...
Taxes and Insurance
Taxes and Insurance Funds collected as part of the borrower’s monthly payment and held in escrow for the payment of the borrower’s, or funds paid by the borrower for, state and local property taxes and insurance premiums. Real estate words and definition For...
Sweat Equity
Sweat Equity A borrower’s contribution to the down payment for the purchase of a property in the form of labor or services rather than cash. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...
Survey
Survey A precise measurement of a property by a licensed surveyor, showing legal boundaries of a property and the dimensions and location of improvements. Real estate words and definition For other words and definitions related to real estate auctions For all...
Subordinate Financing
Subordinate Financing Any mortgage or other lien with lower priority than the first 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...
Servicemembers Civil Relief Act
Servicemembers Civil Relief Act A federal law that restricts the enforcement of civilian debts against certain military personnel who may not be able to pay because of active military service. It also provides other protections to certain military personel. Real...
Soft Second Loan
Soft Second Loan A second mortgage whose payment is forgiven or is deferred until resale of 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...
Single-Family Properties
Single-Family Properties One- to four-unit properties including detached homes, townhouses, condominiums, and cooperatives, and manufactured homes attached to a permanent foundation and classified as real property under applicable state law. Real estate words...
Settlement Statement
Settlement Statement A document that lists all closing costs on a consumer mortgage transaction. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...
Settlement
Settlement The process of completing a loan transaction at which time themortgage documents are signed and then recorded, funds are disbursed, and the property is transferred to the buyer (if applicable). Also called closing or escrow in different jurisdictions. See...
Servicing
Servicing The tasks a lender performs to protect the mortgage investment, including the collection of mortgage payments, escrow administration, and delinquency management. Real estate words and definition For other words and definitions related to real estate...
Servicer
Servicer A firm that performs servicing functions, including collecting mortgage payments, paying the borrower’s taxes and insurance and generally managing borrower escrow accounts. Real estate words and definition For other words and definitions related to real...