Real estate auctions are events where properties are sold to the highest bidder. These auctions can take place in person or online, allowing buyers to compete for homes, commercial buildings, or land. Sellers often choose this method to quickly sell their properties, sometimes at a price higher than traditional listings due to competitive bidding. Participants in real estate auctions must register beforehand and may need to provide proof of funds. The auction process typically includes an opening bid, followed by competitive offers until the auctioneer declares a winner. Successful bidders usually must make a deposit and complete the purchase within a specified timeframe.