Many people think auctions are for distressed property. Sure, distressed property is sold by auction such as foreclosed property held by banks. However, it could not be more false that auctions are only for distressed property.
In fact, highly desirable property, farmland, commercial and residential property are idea for auction. The key is “highly desirable”.
Depending on the market, motivation of seller and other factors, these properties are also often sold by auction that are desirable but not highly desirable or unique.
So don’t think properties offered by auction are distressed property. Nothing could be farther from the truth.