A real estate auction is a public sale where properties are sold to the highest bidder. These auctions can include residential homes, commercial buildings, and land. Buyers can participate in person or online, and the process typically involves a set date and time. Properties are often sold "as-is," meaning the buyer accepts the property in its current condition. During a real estate auction, potential buyers must register and may need to provide a deposit. Bidding starts at a predetermined price, and participants compete by placing higher bids until the auction ends. The winning bidder then signs a contract and usually must complete the purchase within a specified timeframe.