Buying Property at Auction

Property auctions are quickly gaining in popularity in the United States. Recently, the auction method of marketing properties is also losing its stigma of being an option of last resort, associated only with distressed properties and foreclosures, according to real-estate professionals. From residential property to commercial property and land acreage, buyers and sellers alike are finding that auctions set the fair market price for properties. In fact, real estate is the fastest growing auction category today. According to the National Auctioneers Association, more than $16 billion of residential real estate was sold by auction in 2006, an increase of 12.5% over the previous year. The gains are a continuation of what has been seen in previous years, even during the real-estate boom. The group said that $11.5 billion in residential real-estate was sold at auction in 2003; the segment saw a 39.2% increase between 2003 and 2006.

If you are considering buying or selling property at auction, a real estate professional or auctioneer can offer valuable advice. Auctionservices.com has created an Auction Community that is free and open to the public. Members include real estate professionals and auctioneers who can answer your questions.