Real estate auctions work in a few different ways depending on jurisdiction and auction format. If you're thinking about selling your home or buying a property at auction, it's important to understand the specific details.
Some auctions are conducted by private companies, while auctions can also be conducted by local governments. Some auctions have a reserve price, while other auctions do not have a reserve price. Most auction services charge a buyer's premium, which is a fee charged to the winning buyer on top of their winning bid.