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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

Pre-Qualification A preliminary assessment by a lender of the amount it will lend to a potential home buyer. The process of determining how much money a prospective home buyer may be eligible to borrow before he or she applies for a loan.  Real estate words and...

Pre-Approval Letter A letter from a mortgage lender indicating that you qualify for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer.  Real estate words and definition For other words and definitions related to real estate...

Pre-Approval A process by which a lender provides a prospective borrower with an indication of how much money he or she will be eligible to borrow when applying for a mortgage loan. This process typically includes a review of the applicant’s credit history and may...

Assessor A public official who establishes the value of a property for taxation purposes.  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:...

Power of Attorney A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.  Real estate words and definition For other words and...

Point One percent of the amount of the mortgage loan. For example, if a loan is made for $50,000, one point equals $500.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for...

Planned Unit Development (PUD) A real estate project in which individuals hold title to a residential lot and home while the common facilities are owned and maintained by a homeowners’ association for the benefit and use of the individual PUD unit owners.  Real...

PITI Reserves A cash amount that a borrower has available after making a down payment and paying closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI...

PITI An acronym for the four primary components of a monthly mortgage payment: principle, interest, taxes, and insurance (PITI).  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...