What is a real estate auction?

auction, the buying and selling of real and personal property through open public bidding. The traditional auction process involves a succession of increasing bids or offers by potential purchasers until the highest (and final) bid is accepted by the auctioneer (who is usually an agent of the seller).

What are the different types of e-auctions?

The most common type of e-auctions, however, is Reverse Auction where the role of buyer and seller are flipped so multiple sellers compete to earn the buyer’s business by incrementally lowering the price of their product or service. 1. Reverse Auctions 2. Step Auctions Each auction type has its own templates and sub-categories including:

How do auctions work?

Auctions can be live, or they can be conducted on an online platform. The asset or service in question is sold to the party that places the highest bid in an open auction and usually to the highest bidder in a closed auction. In an open auction, parties come together at a physical venue or online exchange to bid on assets.

Why are auctions so popular?

Auctions are popular because buyers and sellers believe they will get a good deal buying or selling assets. An auction is a sale in which buyers compete for an asset by placing bids. Auctions are conducted both live and online. In a closed auction, for example, the sale of a company, bidders are not aware of competing bids.