Home Auction Information

Home auctions include both foreclosed homes and ones for sale by their owners.

Home auctions are one option to sell or purchase real estate. This sales method involves competitive bidding among prospective buyers. Home auctions are a quick process for both the buyer and the seller.

Properties

Home auctions include both foreclosed homes and ones for sale by owners. It is an unfair misconception that only distressed properties are auctioned, according to National Auctioneers Association President Bill Sheridan.

Marketing

The party responsible for the home auction, either the auction firm or governmental agency, will list or advertise an available home in advance. Prospective buyers are given an opportunity to stop by to check out the properties. In some cases, the buyers are able to go inside and inspect the property.

Auction

Prospective buyers bid on the property or properties on the day of the auction. The auction will either have a known minimum amount or no minimum amount; or the seller can use his discretion in approving the highest bid. Depending on the auction rules, the winning bidder may have to pay in full right away or put down a deposit.

References

• Kiplinger: Selling Your Home on the Auction Block
• National Association of Realtors: Auction: The Basics & Benefits