Real estate auctions unfortunately have a very poor image, unlike most other types of auctions, such as art or charity auctions. The majority of auctions today are not the result of individuals’ repossessed properties, but are rather the result of the savvy homeowner who chooses the cost-effective, accelerated method of selling a property, rather than waiting for several months or more while the market declines to sell it. This real estate auction process allows the seller to virtually eliminate any and all long term holding costs. These savings can then be passed along to the purchaser directly in the form of reduced asking prices. It is most definitely a beneficial situation for the seller and buyer. Sellers are able to move on, and buyers are able to purchase properties at fair market value through an uncomplicated sales process in which the sellers are motivated and willing