Before diving in, weigh the potential "steal" against the very real risks. Buying auction properties: What to know before you bid

: The seller has a hidden "reserve" price. Even if you are the highest bidder, the seller can reject your offer if it doesn't hit their secret number. Pros & Cons: Is the Risk Worth It?

Whether you're looking for a foreclosure, a bank-owned (REO) property, or an estate sale, here is everything you need to know before you raise your paddle. The Three Types of Auctions You’ll Encounter

The Ultimate Guide to Buying a Home at Auction: High Stakes, High Rewards

: The property is sold to the highest bidder, regardless of the price. There is no minimum bid, making these high-interest events.

Absolute auction. An absolute auction is what most people think of when they hear the word auction. The property goes up for sale, Rocket Mortgage How to Buy a Home at Auction

: The auctioneer starts with a published minimum price (e.g., $100,000). All bids must exceed this number to be considered.