As the number of real estate auctions continue to grow, it's clear that they are no longer just for distressed and run down homes. Auctions for luxury homes are becoming more common and I'm seeing even more done with online bidding.
The Internet is a priceless tool for getting attention and activity on any property and using an online auction helps focus the activity. In addition, buyers love the convenience of being able to place a bid anywhere they have an Internet connection.
Check out the current auction ending July 7th for a beautiful home in Newport, Rhode Island. Originally listed for $14,000,000 the opening bid is only $6,500,000.