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"The Numbers Don't Lie." The live auction industry continues to grow in the United States and if it can be sold, its been sold at auction. In 2002, the auction industry sold $195.3 billion in goods and services. In 2008, $268.5 billion was sold at auction! The fastest growing sector of the live auction industry is real estate. Residential real estate is the fastest with total gross sales increasing 47.7% between 2003-2008. The largest sector is automobile auctions with $83.1 billion sold in 2008.

Personal property auctions typically require payment in full in cash, as soon as possible after purchasing the item, but in all cases no later than immediately after the auction. Actually cash tender is the preferred method of payment, although cashiers check is usually acceptable, and wire transfer is also usually acceptable, particularly when the asset is bought online.

Real estate auction terms are usually very similar for all auctions. The terms you will usually see that may be different from private negotiated sales have to do with earnest money, as-is, contingencies, closing date, and consistency. Auction terms are not subject to renegotiation after the fact, so only bidders willing to accept the terms should bid at a real estate auction. Buyers should read the auction contract carefully as a part of their pre-auction due diligence.