Understanding Real Estate

Real estate is property comprising of the buildings and land on it, together with its accompanying natural resources like water, minerals or crops; immovable land of this kind; a legal interest in the real estate, buildings or residential real estate in general. Real estate includes commercial real estate, housing and industrial real estate. It also includes personal real estate, land owned by the government, wild life preserve and land owned by individual families as well. Auctions of real estate are usually for public auction and it is held to sell off the properties on which creditors have been unsuccessful in recovering loans. Real estate auctions offer buyers the opportunity to purchase real estate at a discount.

Real estate auctions are for sale to the highest bidder. There are various types of real estate auctions that can be conducted on the basis of various criteria. These criteria are the location of the real estate, whether it is permanently attached to the earth or not, condition of the buildings or not, value of the real property etc. For example, the properties that are put up for bidding usually include residential buildings, manufactured homes, commercial buildings, industrial buildings, multi-family dwellings and land that has been used as a farm. Sometimes, auctions are conducted on the basis of the type of real estate like a single family home, a multi-unit building, multiple unit building, hotels, office complexes, residential houses and vacant lands.

The other categories of real estate include agriculture, forestry, manufactured goods, transportation, gambling, oil producing industries, infrastructure, cattle and horse breeding, dairy farms, vineyards, cottages, forests, hotels, mansions, recreational areas, schools, churches and municipal buildings. Agriculture is used to describe those industries that involve the cultivation of agricultural products such as grains, dairy, wheat, hops, fruit, vegetables, poultry and livestock. Forests are mainly used for forest management. Livestock includes all those animals used for farming and their products. Automobile industries, which include trucking, locomotives, passenger automobiles, buses, trucks, trailers, cargos, and trucks are categorized under the category of manufactured goods. Transportation includes air transport, maritime, road and rail transport, road transportation and non-road transportation.