Real estate is the new popular item on the auction block.
John Rosbury has decided to auction off his home. He says it's more efficient and convenient.
"The buyer sells the home as is. It's sold at the minimum price that the buyer selects or above. The house closes within 30 days and there's very little closing costs for the seller."
With so many homes up for sale, auctions are a nice alternative for some homeowners. The latest quarterly study released by the National Auctioneers Association says residential real estate is the hottest item up for auction this year.
One benefit of bidding on property in Florida is that the auctioneer must have a real estate license.
John Whitworth, an auctioneer and realtor, said, "In our system we offer a listing along with the option to auction, and then we will go to a traditional listing. After that it's just another alternative means of selling real estate."
The slowdown in the real estate market may be a reason sellers are choosing the alternative, but some realtors have concerns about the process.
Penny Herman, owner of Penny Herman Realty, said, "A lot of time an auction attracts people that are trying to get the best deal that they can, not necessarily live in it. I think the outcome is far less positive for a seller.”
One of the most popular reasons for auctioning off homes is for a quick sell. Home auction sales are up four 4.4 percent nationwide so far this year.