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: The seller has a hidden "reserve" price. Even if you are the highest bidder, the seller can reject your offer if it doesn't hit their secret number. Pros & Cons: Is the Risk Worth It?
Whether you're looking for a foreclosure, a bank-owned (REO) property, or an estate sale, here is everything you need to know before you raise your paddle. The Three Types of Auctions You’ll Encounter buying a home at auction
Absolute auction. An absolute auction is what most people think of when they hear the word auction. The property goes up for sale, Rocket Mortgage How to Buy a Home at Auction : The seller has a hidden "reserve" price
Buying a home at auction can be an exhilarating way to land a property at a significant discount, sometimes well below market value. However, the fast-paced environment and "as-is" nature of these sales mean it isn't for the faint of heart. Whether you're looking for a foreclosure, a bank-owned
: The property is sold to the highest bidder, regardless of the price. There is no minimum bid, making these high-interest events.
The Ultimate Guide to Buying a Home at Auction: High Stakes, High Rewards
Not every auction follows the same rules. Understanding the format is your first step toward a smart bid:
