Real Estate Auction
Real estate auction is a type of auction where the sale is awarded to the highest bidder. Most real estate auctions are not absolute auctions do not have a reserve price which sets a minimum required bid for the item to be sold. One type of absolute auction relates to foreclosed properties, where the winning bid acquires the foreclosed property. This is opposed to a lender confirmation auction, where the lender must approve the bid in order to complete the transaction.
Foreclosure auctions are held by bank hired trustees. Tax lien auctions are conducted by local sheriffs. In an absolute auction, the winning bid gets the property. The starting price of the auction may be the balance remaining on the mortgage or may be a lower amount designed to spur bidding.
A real estate auction is an innovative and effective method of selling real estate. It is an intense, accelerated real estate marketing process that involves the public sale of any property—most certainly including those that are non distressed.
a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or auction company. The particular rules and procedures of absentee bids are unique to each auction company.