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What is a real estate auction property?

A real estate auction property is one that is sold or about to be sold at a public auction, usually at a local courthouse. This means that the property owners could not payoff the arrears or sell the property before the date of the auction. The auction is open to all bidders, including investors and homebuyers, and it is sold to the highest bidder. An auction property is under the control of the foreclosure attorney who conducts the sale on behalf of the lender.

An auction is defined as a public sale of goods or property which prospective purchasers bid until the highest price is reached. 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 including those that are nondistressed – through open, competitive bidding.

This series of articles is brought to you by A. Mark Argentino and other real estate related resources, including Canadian Real Estate Association CREA and the Ontario Real Estate Association OREA. Back to list of Real Estate Helpful Articles

Whether you are interested in a Power of Sale Property, a Foreclosure Sale or a regular property purchase, I can assist you with all of the complexities when you purchase or sell your next property.  Please don't hesitate to email me If you have any questions or require further information, please send me an email. Thank you, Mark Argentino Read about Power of Sale, Bank Sales and Foreclosure Properties FAQ's Read a very detailed section about Power of Sale and Foreclosure or go back to list of Real Estate Helpful Articles