Buying a house by auction can be an exciting and potentially rewarding way to purchase a property. It can also be a great option for those looking to buy a home below market value. However, it is important to do your research and understand the process before you start bidding.
There are many different types of auctions, but the most common type of real estate auction is the absolute auction. In an absolute auction, the property is sold to the highest bidder, regardless of the price. This means that you could potentially buy a house for less than its market value if there is not a lot of competition.