Absolute auction. An absolute auction is what most people think of when they hear the word auction. The property goes up for sale, Rocket Mortgage How to Buy a Home at Auction
Whether you're looking for a foreclosure, a bank-owned (REO) property, or an estate sale, here is everything you need to know before you raise your paddle. The Three Types of Auctions You’ll Encounter buying a home at auction
: The auctioneer starts with a published minimum price (e.g., $100,000). All bids must exceed this number to be considered. Absolute auction
Buying a home at auction can be an exhilarating way to land a property at a significant discount, sometimes well below market value. However, the fast-paced environment and "as-is" nature of these sales mean it isn't for the faint of heart. The Three Types of Auctions You’ll Encounter :