ABOUT AUCTIONS

• Real estate is the fastest-growing segment of the auction industry, which grossed $257.2 billion in revenue last year. The auction process is growing exponentially as a desirable alternative to a lengthy listing.

• The majority of auctions today do not result from foreclosure or distress situations, but rather are the result of a seller choosing a cost-effective, accelerated method to sell a property.
  

• Builders or financial institutions, for example, prefer auction rather than laboring for months or years to sell units of a development one by one.
  

• Auction allows the seller to eliminate virtually all long-term carrying costs, passing the savings directly to the purchaser in the form of a reduced price.