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House Auctions

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At first glance, house auctions carry the stigma of foreclosure. Many house or real estate auctions are the result of foreclosure (after a bank's foreclosure sale, often one-sided with favor on the bank's side), but many auctions are the method of choice for exclusive properties or properties that are unique. Many hard to sell properties with special amenities or eccentricities go the route of the house auction.

Foreclosure sales differ from house auctions in that bidders compete with the bank or lender regarding the home price. If the bank deems the bid too low, it will counter with its own offer and is not averse to the back and forth. Many foreclosures are sold "as is" and the bank is not liable, as are conventional real estate professionals, for unforeseen property blemishes or structural problems. The bank wants to make money despite the mythology that good deals are to be made through foreclosures. It's caveat emptor or "let the buyer beware."

For the average homeowner in a normal market, a house auction, generally, does not save the seller money nor does it make the seller money. More often than not, the main benefit of a neighborhood auction is time. The auction is a one-time event. Hopefully, a specified bid will be accepted from targeted bidders at a specific time. The benefit is, the house is sold quickly, eliminating the conventional string of open-house window shoppers.