An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder.

Auction provides an opportunity to purchase property at fair market value based on selling price and not asking price.

Auction eliminates negotiation periods that are sometimes long and frustrating  and brings the transaction to the closing table.

Auction allows buyer to purchase property with the knowledge that there is a contending bid one increment below the purchase price.

Auction allows buyers to set their own purchase price by negotiating the price up while bidding.

Auction reduces the stress of setting dates and contingencies in that the terms and purchasing and closing dates are known in advance.