The headline above was in the paper recently with an article about Abal Auctions. It said they will sell a house in 13 min ... for market value. Oh, not really 13 minutes, that's just how long the auction takes. They market for 29 days first and take bids through the internet the entire time up to the time of the auction. And by market value, they mean the highest bid. Doesn't sound so hard when you put it that way.
They also do minimum bid auctions, which may be more of a challenge than absolute auctions, but they say they don't do reserve auctions. They have a home inspection done and make the results available to potential buyers prior to the auction which seems like a very good idea.
I've heard both bad and good stories about auctions. The good ones are really good and the bad ones are horrid. Buyers should do thorough research on a house before buying at auction.
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