By 2010, 30 percent of all real estate transactions will be auctions according to the National Association of Realtors (NAR).

Click Here to see the latest NAA report.

SELLERS

The essence of auctioning is competitive bidding. An auction brings buyers together at one time and place to compete with each other by raising the bid. And because everyone knows that the property will be sold then and there, that competition takes place under a sense of urgency absent from any other method.

Terms and conditions are preset and non-negotiable, avoiding inspections and appraisal issues; the property is sold AS-IS.

In order to bid, potential buyers must present a cashier's check, before the auction opens. The high bidder simply endorses that check over as part of the 10% down payment required when the auction concludes. Pre-prepared contracts are signed then and there, Closing usually occurs within 30 days.

BUYERS

Smart investments are made as properties are usually purchased at fair market value through competitive bidding

The true market value of any given item is the value for which one is willing to sell, and another is willing to buy - it is a meeting of the minds. The auction method of selling is the only method which determines the true market value of any given property. For this reason, you can rest assured knowing that you will never pay too much for a property at auction.

For more information on auctions

November Auctions