Auction is a process where the bidders bid and the highest bidder has the right to buy the property. The seller has to set the reserve price which is the lowest price for that property. The oldest auction was held in 500 BC called Herodotus where marriageable woman were sold to highest bidder. Physical auction has in existence for a long time but in this age of Globalization auctions are conducted through internet. Online auctions are prior advertisement in internet. Thus both buyers and sellers get advantage. Buyers can get the knowledge of that property before the auction and sellers can reach to the maximum people. There are different types of auctions. Home auctions are of different types such as Commercial auctions, Disused home auctions, Luxury homes auction, Repossessions etc.

Commercial auctions:
Pubs and shops are named as commercial properties and some of buyers specialized in commercial auctions. Commercial auctions help buyers to buy those properties for which they are interested.

Disused home auctions:
Some potential buyers want to buy those properties through auction which needs renovation. Thus they can get great houses in very less money.

Luxury homes auction:
Luxury homes are also in auction or we can say that it is more in auction. Those who are not interested in disused properties and want to live luxurious life .This type of auctions are best for them.

Repossessions:
As mortgager is not able to pay mortgage amount due to rise in interest rates over the last couple of years owners are struggling to pay their mortgage amount because of which they lose their home. These properties are sold at rock bottom prices at property auctions so that potential buyers could get themselves a real bargain.