A property auction or real estate auction is simply a public sale, in which the property is sold to the highest bidder registered for the specific auction event.
During the auction buyers compete against other bidders for a property by placing bids.
Today’s Auctions are conducted both live and livestreamed over the internet.
In a closed auction or tender, for example, the sale of a shopping centre, bidders are not aware of competing bids.
In open public auction, such as a property auction, bidders are aware of the other bids and can follow the bidding process.
Examples of other auctions include car auctions, livestock markets where farmers buy and sell animals, or art auctions at Sotheby's or Christie's where collectors bid on works of art.
The decision to purchase property, whenever on auction or otherwise, should never be taken lightly. Generally, property sold on auction is sold "as is", meaning along with its defects and issues, whether visible or not.
