property auction

Nowadays auction is taking place for artwork, antiques, secondhand goods, and farm houses, buildings repossessed by banks or government, and stock and commodity exchanges. There are different types of auction for each category. Jewellery auction are divided into three like 1920 jewellery auction, diamond auction and classic auction. In art there may be modern art auction, renaissance auction and alternative art auction. Likewise even house property auction are divided into commercial auctions,disused home auctions.

Home auction is gaining popularity. Most real estate auction houses operate in the following way. Auction houses make a list of the upcoming live auction on their website. Prospective buyers register online to participate in the auction. Prospective buyers can have a look at the house for inspection on a particular day prior to live auction. Prospective buyers can make an offer on any home prior to the auction date. If the seller accepts, the home is excluded from the live auction. To participate in live auction, prospective buyers must bring earnest money, often a certified check that ranges from $1,000 to $5000. It is advised that buyers take a home loan upto the maximum amount they wish to bid. Buyers who fail to pay the money will lose their earnest money.