Real Estate Journal

Banks and other financial institutions usually auction off foreclosed assets. These are of two kinds: bank foreclosures and house auctions.

Most people think that real estate auctions are just for assets that banks or financial institutions have foreclosed. This is not always the case, though. There are times when owner-occupied properties also go on the auction block. This is best done when the property being sold is unique or difficult to sell. So rather than going to a realtor to have a property sold, the owners let the buyers pitch their best valuation in an auction!