The Real Estate Sage

They are normally held as public affairs where people and real estate investors go head to head against each other to purchase properties that have gone on the block, victims of foreclosures and other financial problems. Some of the land up for grabs may be government owned assets or state acquired property that have been left behind by people who have passed on without a proper will and with no known heirs. These properties are generally sold on an as is basis and should be studied/inspected before they are taken to heart for they may have hidden dangers lurking just beneath the surface.
As with any property, people who wish to participate in such auction proceedings have to first register and may be required to post bonds as security against fraud and other financial problems. Properties may be old or newly acquired and are generally up for a limited time only.