How do property auctions work?

Property auctions involve potential buyers bidding on properties in a public setting, with the highest bidder winning if their offer exceeds the reserve price. Auctions can be held in either a traditional setting where the bidders or their representatives are present in the room or via an online portal which allows the bidders to participate remotely from anywhere with internet access.

In general auctions can be classified as either conditional or unconditional. Conditional auctions allow the sale to be subject to certain conditions post-auction such as passing a survey or arranging finance. In an unconditional auction, contracts are exchanged as the auctioneer strikes the gavel.

A modern or online property auction is a method of selling property where bidding takes place entirely online, often through a dedicated online platform. It's similar to a traditional auction, but bidders don't need to be physically present and can participate remotely from anywhere with internet access.