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Types of Real Estate Auctions

The types of auctions and methods of bidding are tied to the seller's goals, market conditions and property characteristics. We evaluate each property individually then develop a prospective buyer profile, where will we find the buyer and what structure will create comfort and motivated the profiled buyers to bid.

Open Outcry Auctions – Used where the buyers prefer to bid in person and will buy the property exactly under the terms of the offering. This strategy is selected when price is the sole consideration as to who buys the property. This exciting method much resembles a fine art or other collectable auction that you may have experienced in person or on television.

Sealed Bid Auctions – In this type of auction bidder submit a bid on the approved real estate sales contract which is submitted with certified earnest money funds. The seller selects the winning bid. This type of auction is favored if there is a likelihood that the seller is interested in considering optional terms to purchase or there is more than one property being offered and assemblage can be determined by each bidder to meet their individual needs.

On-Line Auctions – On line auctions are simply another approach to an open outcry auction. An online bidding platform can be much like Ebay or it can be in conjunction with an open outcry auction.

Simulcast Auctions – An open outcry auction that is conducted in two or more bidding locations simulataneously allowing bidders in different cities or different countries to bid for the same property.

Hybrid Auctions – Hybrid Auctions simply include elements of the various programs listed above providing the seller with the optimum approach to create additional bids for their property.

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