{"id":2398,"date":"2022-09-19T15:55:00","date_gmt":"2022-09-19T15:55:00","guid":{"rendered":"https:\/\/dev.wahi.com\/wp\/?p=2398"},"modified":"2025-04-10T14:16:48","modified_gmt":"2025-04-10T14:16:48","slug":"types-of-auctions","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/sell\/types-of-auctions\/","title":{"rendered":"The Different Types of Auctions"},"content":{"rendered":"

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<\/at-text>Real estate auctions come in all shapes and sizes, from in-person and online auctions to blind bid and open bid auctions. We outline some of the main types of house auctions below.<\/span><\/p>\n<\/div>\n

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By Emily Southey<\/a> | 7 minute read<\/p>\n

[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|phone” max_width_tablet=”” max_width_phone=”100%” max_width_last_edited=”on|phone” custom_padding=”21px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_padding=”2px|||||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||11px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n

Real estate<\/a> auctions represent an incredible opportunity for both buyers and sellers. But did you know that not all real estate auctions are the same? That\u2019s right, there are many different types of auctions out there, and knowing the differences between them is key if you want to increase your chances of success. Continue reading as we break down each type of real estate auction below.\u00a0<\/p>\n

–<\/span><\/p>\n

What Are the Different Types of Auctions?<\/h2>\n

In-Person Auctions\u00a0<\/b><\/h3>\n

As the name suggests, in-person auctions occur live. They may take place in a local courthouse, ballroom, or another event venue. In-person auctions tend to be more exciting than online auctions, due to the electricity that comes with bidders physically gathering in the same space. However, on the flip side, they can also be more stressful for buyers. It\u2019s worth noting that for in-person auctions, even though the actual auction is conducted live, the property listing and auction registration are all found online on the auctioneer\u2019s website. In a live auction, bidders will raise their numbered paddles to place a bid. Bidding continues until no more bids are made, and the last bidder is the winner. Sometimes, more than one home will be sold at an in-person auction, so when one home is sold to the highest bidder, the auctioneer simply moves on to the next home being sold.\u00a0<\/p>\n

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\u201cPublic auctions, also known as foreclosed auctions, are when homes are sold as a result of the foreclosure process. Typically, public auctions are conducted by mortgage lenders, such as banks, that want to liquidate the property by selling it to the highest bidder through an auction.\u201d<\/h2>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||24px||false|false” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”23px||38px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” global_colors_info=”{}”]<\/p>\n

Online Auctions<\/strong><\/h3>\n

Online auctions are the opposite of in-person auctions in that they are conducted entirely online. Real estate auctions that are conducted online are more accessible as bidders from all over the world can participate. This might lead to increased competition and a higher sale price. Online auctions work similarly to in-person auctions in that bidders attempt to outbid the competition in an effort to win the home. In addition, all bidders must register in advance on the auction company\u2019s website. Online auctions can be quick, however, they can also take place over days or even weeks. Generally, online auctions start at a slower pace and result in a flurry of activity at the end as bidders race to place the winning bid.\u00a0<\/p>\n

–<\/span><\/p>\n

Public or Foreclosed Auctions<\/b><\/h3>\n

\n

Public auctions, also known as foreclosed auctions, are when homes are sold as a result of the foreclosure process. Typically, public auctions are conducted by mortgage lenders, such as banks, that want to liquidate the property by selling it to the highest bidder through an auction. Homes sold in public auctions tend to be the best deal, however, these events tend to have strict requirements. For example, most homes sold in foreclosed auctions are sold as is and buyers are unable to access the home before the auction. They may also require the winning bidder to pay for the home in cash within 24 to 48 hours of winning.\u00a0<\/p>\n

–<\/span><\/p>\n

Open Bid Auctions<\/b><\/h3>\n

Another type of auction is an open bid auction. Open bid auctions allow bidders to see the amounts that other people have bid on the home before placing their own bid. Homebuyers typically prefer open bid auctions as the increased transparency reduces the odds of overpaying for a home. Open bid auctions allow buyers to bid strategically, incrementally raising their bid based on other bids. This auction type tends to take longer than the alternative, blind bid auctions (more on those below).<\/p>\n

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Blind Bid or Sealed Bid Auctions<\/b><\/h3>\n

One final type of real estate auction is a blind bid or sealed bid auction. In this type of auction, bidders must place their bids without knowing how much other participants are bidding. Sellers tend to prefer blind bid auctions as they are more likely to lead to higher bids and therefore a higher sales price.\u00a0<\/p>\n

–<\/span><\/p>\n

Real Estate Auction Bidding Systems<\/h2>\n

Beyond the different types of real estate auctions, there are also different types of auction bidding systems. We dive into the three main real estate auction bidding systems below.\u00a0<\/p>\n

–<\/span><\/p>\n

Reserve Auctions<\/b><\/h3>\n

Reserve or with reserve auctions are when the seller has the right to accept or reject the highest bid, no matter the price.<\/p>\n

–<\/span><\/p>\n

Absolute or No Reserve Auctions<\/b><\/h3>\n

The opposite of reserve auctions is absolute, no reserve, or without reserve auctions. If a real estate auction has this type of bidding system, the seller agrees to sell the home to the highest bidder, regardless of price.\u00a0<\/p>\n

–<\/span><\/p>\n

Minimum Bid or Reserve Price Auctions<\/b><\/h3>\n

Lastly, minimum bid or reserve price auctions are when the seller sets a reserve price in advance of the auction, and if the highest bid does not meet the reserve price, the sale will not go through. In essence, the minimum bid or reserve price is the lowest price at which the home can be sold. If the highest bid doesn\u2019t meet the reserve price, the property remains unsold. Please note that the minimum bid is made known to the participants ahead of the sale, and it is almost always higher than the opening or starting bid.\u00a0<\/p>\n

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We put the real<\/em> back in real estate.<\/span><\/h2>\n

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Join Wahi today and find out how easy it is to get real estate in the GTA<\/a>.<\/span><\/p>\n

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Frequently Asked Questions<\/h2>\n

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A home auction is when a property is sold at auction, usually to the highest bidder. Home auctions can be conducted at the behest of a homeowner, homebuilder, the government, or a mortgage lender, like a bank. If the home is being sold by a government agency or mortgage lender, it has likely been foreclosed on or the previous owner defaulted on their property taxes. Home auctions can be conducted online or in person and have very specific rules and restrictions relating to the way bids are placed, the way purchases can be financed, and the conditions of the sale. Most property listings of homes up for auction are published on the auctioneer\u2019s website a few weeks before the sale to generate interest and give bidders a chance to view the property (if this is allowed). Bidders must register in advance to participate.\u00a0<\/span><\/p>\n

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The basic types of auctions are in-person auctions, online auctions, public auctions, open bid auctions, and blind bid auctions. Meanwhile, some of the most common bidding styles include reserve auctions, no reserve auctions, and minimum bid auctions.<\/span><\/p>\n

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Any type of auction can be used in the real estate market. Nowadays, online auctions are increasing in popularity, making them more common than in-person auctions.<\/span><\/p>\n

[\/et_pb_toggle][et_pb_toggle title=”What is the best strategy for a house auction?” closed_toggle_background_color=”#ffffff” icon_color=”#BC4E40″ toggle_icon=”C||divi||400″ use_icon_font_size=”on” icon_font_size=”32px” open_icon_color=”#BC4E40″ open_toggle_icon=”B||divi||400″ open_use_icon_font_size=”on” open_icon_font_size=”32px” _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#000000″ title_level=”h2″ title_font=”|700|||||||” body_text_color=”#686e6e” body_line_height=”2em” custom_margin=”||3px|||” custom_padding=”||17px|||” border_width_all=”0px” border_width_top=”1px” global_colors_info=”{}”]<\/p>\n

Sellers may be drawn to online auctions and blind bid auctions, as they offer many benefits. For example, an online auction can result in a larger pool of buyers since they can be accessed from anywhere. Blind bid auctions may also be more advantageous to sellers as bidders can\u2019t see what other people have bid, which could lead to a higher sale price.\u00a0<\/span><\/p>\n

[\/et_pb_toggle][et_pb_toggle title=”What is an absolute real estate auction?” closed_toggle_background_color=”#ffffff” icon_color=”#BC4E40″ toggle_icon=”C||divi||400″ use_icon_font_size=”on” icon_font_size=”32px” open_icon_color=”#BC4E40″ open_toggle_icon=”B||divi||400″ open_use_icon_font_size=”on” open_icon_font_size=”32px” _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#000000″ title_level=”h2″ title_font=”|700|||||||” body_text_color=”#686e6e” body_line_height=”2em” custom_margin=”||3px|||” custom_padding=”||17px|||” border_width_all=”0px” border_width_top=”1px” border_width_bottom=”1px” global_colors_info=”{}”]<\/p>\n

Absolute real estate auctions are a type of auction in which the sale is awarded to the highest bidder. Absolute auctions are also called no reserve auctions, and they are the simplest type. In essence, bidders place their bids and the home is sold to the highest bidder. In an absolute auction, there is no reserve price or minimum bid (the price a seller refuses to sell the property for if the bid is lower) and the seller waives the right to reject the highest bid. Therefore, assuming at least one bid is placed on the home, it is guaranteed to be sold.\u00a0<\/p>\n

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Absolute auctions are the fastest type of auction, which is ideal for sellers looking to make quick cash. They also create a sense of urgency that may attract more bidders, leading to a higher sale price. Absolute auctions can be in person or online and can be blind bid or open bid, but regardless, the home still goes to the highest bidder. This type of auction is most common for sellers who want to sell their properties as quickly and easily as possible.<\/p>\n

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Wahi Writer<\/p>\n

[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px||true|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing module_class=”wahi_socialsharing_2″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”60px||3px||false|false” global_module=”2115″ saved_tabs=”all” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_2_font_size=”2.63rem” header_2_line_height=”2.5rem” header_2_font_size_tablet=”” header_2_font_size_phone=”2rem” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

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