Daily Archives: November 16, 2011

Real Estate Word of the Day

Auction: A form of selling land or personal property whereby oral offers are taken and the property is sold to the highest bidder. Real estate auctions are generally used in mortgage foreclosure sales, tax sales, and with hard-to-sell properties. In recent years, auctions have become an alternative method of marketing real estate, especially by lenders or developers attempting to sell multiple properties quickly.