One of the easiest ways to get a deal on a property is to purchase it through a real estate auction. These can be held live or through mail services, which result in different experiences and outcomes. If you’re trying to decide which to join, here’s more information about the two.

What Is a Silent Real Estate Auction?

When done via mail, these may take place over multiple days or weeks. Bids are sealed, and the event is usually conducted by a government official if the property is on foreclosure. There is typically a pre-established bidding minimum, and some amount of down payment may be required at the time of bidding.

Sometimes, silent property auctions are held during live events, but the bids remain sealed. This means each person can only submit one offer, which puts lower bids at a disadvantage. At the closing of the auction, the bids are revealed and the highest one wins. 

What Is a Live Real Estate Auction?

During this type of event, bidders assemble at an agreed-upon location. The auctioneer oversees the verbal bidding until the highest offer goes unchallenged.

These are competitive and exciting, and more likely to receive higher offers than silent auctions. For this reason, luxury properties are more likely to be auctioned off at this type of event. 

For live real estate auctions in Virginia and West Virginia, turn to Greenways Real Estate & Auction. We are family-owned and -operated and have over 60 years of experience in real estate and personal property auctions. We handle all types of properties and deal with all logistics in-house. If you need to sell, or are interested in attending an event, call us at (540) 962-1155. Visit our website for auction calendars and property listings, or text (540) 698-0883 to stay updated on upcoming events. Let Greenway’s do it!