Anybody ever sell a house via auction?
I was wondering if anyone here had any experience with selling a house at a real estate auction.
I suppose that it's a relatively quick way to get rid of a house, though probably not the best price is gotten by the seller.
I assume that the seller can set a minimum price which he or she will accept for the property. Also, I'm guessing that if the high bid does not meet the seller's desired price, the seller can choose to accept a lower price anyway.
I further assume that the auctioneer normally receives a percentage of the sale price if the property is successfully auctioned. If the bids do not reach a bid which is acceptable to the seller, I'm sure that the auctioneer receives some compensation if the property doesn't sell. Are these commissions and fees standard everywhere, or are they dictated by local custom? Thanks.