Buyers may have a choice of several properties at once. Buyers can set their own purchase price. Long negotiation periods are eliminated. The time it takes to purchase property is reduced. Because purchasing and closing dates are known, buyers do not need to worry about contingencies.
Property owners sell at the lowest price possible.
Financing may be available to buyers. Attend at least one open house to determine the condition of the property. Examine the property information provided by the auctioneer, including the sales contract. Determine what is included in the sale. Understand exactly what you are bidding on and the terms of sale associated with the auction process.