Listing Info
LISTING INFO
Can I offer less than what I see has been offered?
Buyers’ choice to bid what they prefer is viable and may be entertained. Present the auctioneer with the bid and see what happens. For Other Questions About Auctions & Auctioneers For all active auctions and properties for sale For other words and definitions related to real...
Is there something wrong with the property?
Having a property sold at auction is not necessary a desperation move. Would the MONA LISA sell from desperation… well NO. So, think about why real estate would he sold by an auctioneer. The simple answer is the seller deserves competitive offers, public awareness and an open marketplace...
How much should I offer for the property?
The amount offered is a decision for the buyer. The buyer may gain assistance from an appraiser, real estate agent, retain a broker price opinion or consider valuation models to help determine the price the buyer would pay. Ultimately, it is the buyers own decision to offer the price they are...
Can I inspect the property?
The Uniform Commercial Code provides for reasonable inspection. In most cases the auctioneer will open the property in advance for such inspection. Inspection periods may take places with a scheduled appointment by contractors, licensed inspectors, agents or the buyer may perform their own due...
What is Match The BID?
When the seller observes the bidding process, at t any point the seller may accept the bid as presented. If the bid is less than the reserve, the seller, upon such observation the seller may order the auctioneer to reduce the reserve and match the highest bid ultimately authorizing the sale at...
Can the agent bid for me?
Only under strict authorization with power of attorney give permission for an agent to bid for a buyer. If the agent bids outside of these bound the agent is responsible for the actions taken to bid on the property and must fulfill the obligations as the bidder. For Other Questions...
Can I stop other people from bidding?
No you cannot. In fact, such interference is prohibited. The Department of Justice pursues criminal actions for this behavior that includes bid suppression, bid rigging, payoffs, conspiracy, or any conspiracy to interfere with any portion of the auction process. Imagine if you and another buyer...
Does a real estate agent get paid a commission or BAC?
In most cases, yes. A Real Estate Broker or the Brokers Agent must announce the buyer in advance. In most cases there are forms or a certain procedure that is required. Procuring cause must be proved to receive compensation. For Other Questions About Auctions & Auctioneers For...
What is a Buyer Premium Concession?
This means a discount will be taken in account and announced by the Auctioneer. The announcement may be made prior to the initiation of the bidding. The Terms and Conditions may change with the Auctioneers Announcement. BUYER PREMIUM EXAMPLE: Assume $500,000 is the last bid = $25,000 buyer premium...
How do I access the reserve?
By initiating a bid online, a notification will be sent to the bidder. In other portions of the sale the auctioneer may make verbal announcements to indicate if the reserve has been met. Otherwise, the reserve is a confidential number and must not release unless the seller gives written authority....
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Credit Report
Credit Report Information provided by a credit bureau that allows a lender or other business to examine your use of credit. It provides information on money that you’ve borrowed from credit institutions and your payment history. Real estate words and definition...
Credit Life Insurance
Credit Life Insurance A type of insurance that pays off a specific amount of debt or a specified credit account if the borrower dies while the policy is in force. Real estate words and definition For other words and definitions related to real estate auctions...
Credit History
Credit History Information in the files of a credit bureau, primarily comprised of a list of individual consumer debts and a record of whether or not these debts were paid back on time or “as agreed.” Your credit history is called a credit report when provided by a...
Fixed-Rate Mortgage
Fixed-Rate Mortgage A mortgage with an interest rate that does not change during the entire term of the loan. Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...
Credit Bureau
Credit Bureau A company that gathers information on consumers who use credit. These companies sell that information to lenders and other businesses in the form of a credit report. Real estate words and definition For other words and definitions related to real...
Credit
Credit The ability of a person to borrow money, or buy goods by paying over time. Credit is extended based on a lender’s opinion of the person’s financial situation and reliability, among other factors. Real estate words and definition For other words and...
Counter-offer
Counter-offer An offer made in response to a previous offer. For example, after the buyer presents their first offer, the seller may make a counter-offer with a slightly higher sale price. Real estate words and definition For other words and definitions related...
Cost of Funds Index (COFI)
Cost of Funds Index (COFI) An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) loans. It is based on the weighted monthly average cost of deposits, advances, and other borrowings of members of the Federal Home Loan Bank...
Cooperative (Co-op) Project
Cooperative (Co-op) Project A project in which a corporation holds title to a residential property and sells shares to individual buyers, who then receive a proprietary lease as their title. Real estate words and definition For other words and definitions...
Convertible ARM
Convertible ARM An adjustable-rate mortgage (ARM) that allows the borrower to convert the loan to a fixed-rate mortgage under specified conditions. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Conversion Option
Conversion Option A provision of some adjustable-rate mortgage (ARM) loans that allows the borrower to change the ARM to a fixed-rate mortgage at specified times after loan origination. Real estate words and definition For other words and definitions related to...
Conventional Mortgage
Conventional Mortgage A mortgage loan that is not insured or guaranteed by the federal government or one of its agencies, such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS). Contrast with...
Mutual Funds
Mutual Funds A fund that pools the money of its investors to buy a variety of securities. 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:...
Contingency
Contingency A condition that must be met before a contract is legally binding. For example, home purchasers often include a home inspection contingency; the sales contract is not binding unless and until the purchaser has the home inspected. Real estate words...
Construction Loan
Construction Loan A loan for financing the cost of construction or improvements to a property; the lender disburses payments to the builder at periodic intervals during construction. Real estate words and definition For other words and definitions related to...
Condominium
Condominium A unit in a multiunit building. The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areas but does not own the common elements such as the exterior walls, floors and ceilings or the structural...
Concession
Concession Something given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs. Real estate words and definition For other words and definitions related to real estate auctions For all active...
Comparables
Comparables An abbreviation for “comparable properties,” which are used as a comparison in determining the current value of a property that is being appraised. Real estate words and definition For other words and definitions related to real estate auctions For...
Multiple Listing Service (MLS)
Multiple Listing Service (MLS) A clearinghouse through which member real estate brokerage firms regularly and systematically exchange information on listings of real estate properties and share commissions with members who locate purchasers. The MLS for an area is...
Common Areas
Common Areas Those portions of a building, land, or improvements and amenities owned by a planned unit development (PUD) or condominium project’s homeowners’ association (or a cooperative project’s cooperative corporation) that are used by all of the unit owners, who...