Real estate auction

A real estate auction is a public sale where property is sold to the highest bidder. Sellers often choose auctions to quickly sell property, often at a set date. Participants review property details beforehand and bid openly during the auction event. The highest bid at the close of the auction wins, and the buyer typically must pay immediately or within a specified period. Auctions can offer opportunities for buyers to purchase properties below market value, but they also carry risks, including limited inspection time and strict purchase terms.