Understanding the language of auctions

If the word “auction” probably conjures images of fancy Sotheby’s showrooms or motor-mouthed MCs manning a cattle pen, you’ll be happy to know that the reality of real estate auctions is much less stuffy or silly. There are still things you need to know before showing up, including several terms and processes that will make the auction process easier to follow.

In this video, Julie First of Sheldon Good & Company talks to Joe Zekas about some of the common terms buyers will encounter, including “absolute auction,” “minimum bid,” and “reserve.”

On November 15, Sheldon Good & Company will auction 20 of the remaining units at the Motor Row Lofts, 2303 S Michigan Ave in the South Loop. Starting this Saturday, October 24, the development will be open from noon to 3 p.m. on Saturdays and Sundays in the lead-up to the auction.

For more information on Motor Row Lofts and its auction, visit the Motor Row Lofts and Sheldon Good & Company profiles on NewHomeNotebook, the Motor Row Lofts YouTube channel, and Sheldon Good & Company’s Facebook fan page.

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