While there are many types of auctions out there, the method of selling absolute is by far the method that will likely provide the best result.

By definition, an Absolute Auction is one where the seller contractually agrees to accept the highest bid on auction day, regardless of the achieved level.

Why is the absolute method the best?  The buyer mentaility of auctions is that they can always get a deal.  I would argue that the buyer always gets a fair price, but are they going to buy the $1,000,000 house for $1?  It's not likely.

Why not?  Because every other guy out there that would pay 50% of value is going to be at the sale as are the guys that will pay 80% and 85% and 90% and 95%.  The absolute auction get ALL of them out there on auction day.  An absolute auction tells the buyers that the seller is serious, very serious.  The more competition at a sale, the higher the price.

When you hire a professional auctioneer to manage the process, they will use all of the tools at their disposal to get the highest price possible on auction day.  When the auction is professionally managed, the true value of the property will be achieved at auction.