Are you considering selling your home or have a listing that still hasn't sold? If so, you may want to consider the advantages of real estate auctions.

Real estate auctions are growing in popularity. Last year revenue from housing auctions grew 12.5 percent to $16 billion, up from $14.22 billion in 2005, according to the National Auctioneers Association. From 2003 through 2006, real estate was the fastest growing segment of US auction industry.

While the term “real estate auctions” used to bring to mind images of a foreclosed home sold on the courthouse steps, many people choose to sell their properties through real estate auction firms in order to sell the property faster and often for more money.

A real estate auction is exactly what it sounds like – an auction sale in which real estate is sold to the highest bidder. Auctions may be for land or houses, and some auctions will include sales for multiple properties.

The Time Period Before the Auction

The thirty-day period before the auction is a vital time for potential bidders. During this time, you have the opportunity to do all of your due diligence, tour properties you’re considering bidding on, and determine how much you can spend on a property. A real estate auction is a fun and exciting event, but be sure you know what you’re getting into before bidding on a property.

Use this time to the best advantage.