A real estate auction is an often untapped property purchasing resource, one that should be explored in a competitive market with high demand and spiraling prices. Unfortunately, many people have never been to a house auction, so you might not know what to expect or what kind of deals you might find. Below are some things to keep in mind about these events.

3 Things You Should Know About Real Estate Auctions

1. They Feature a Variety of Properties

Many people assume that auctions only feature foreclosures and other distressed properties, but this usually isn’t the case. Sellers choose to auction off a house for a number of reasons, including convenience, the expertise of the auctioneer, and the chance to get a higher price. While you might find a great deal on a foreclosed home, most real estate auctions have a broad range of properties.

2. They’re Open to the Public

While real estate auctions might seem like they’re only for developers or experienced investors, any hopeful homeowner can walk in and place a bid. Because many auction houses only require a 10% deposit, real estate auctions could be a more affordable option for those looking to buy their first home.

3. They’re Technologically Advanced

These days, you don’t even have to go to the auction in person. Many of the leading auction houses offer mobile apps and other tools that allow you to bid online from anywhere in the world.

With offices in Covington and White Sulphur Springs, Greenway's Real Estate & Auction has been connecting buyers and sellers throughout Virginia and West Virginia over 60 years. Our new app, available through the App Store® or Google Play™, gives you instant access to over 50 auctions a year. Visit our website to learn more about our real estate auctions, follow our Facebook for updates and news, or call us at (540) 962-1155 with any questions.