How Does A Real Estate Auction Work?

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this...

Rules of engagement: 

At least 30 minutes before the auction, your agent is required by law to display documentation regarding the property. As the auctioneer begins he/she will make an announcement detailing the information: the state laws applying to auctions in general; the rules applying to this particular auction, including whether vendor bids and/or co-owner bids will be used. Auction laws may vary from state to state so discuss the legal requirements with your agent.

Going once: 

Once the reserve price has been reached the property is considered to be ‘on the market’ and will be sold to the highest bidder. If the reserve price isn’t reached the auctioneer will privately ask the seller if they wish to sell at a lower price. When the final bid is reached and the seller is happy with the price, the auctioneer will announce “going once, twice, three times…” and if no more bids are offered he will then call, “SOLD”.

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Thanks,

Alex