Most of the property dealers consider property auction to be one of the less suitable ways of property disposal. However, it seems to be the favored choice of the real estate agencies running auction sales in auction houses.
Whether liked or not by the individual dealers, the property auctions are going on for centuries now and so are running the auction houses. In essence; property auction is one of the simplest and most transparent methods of disposing of property.
Benefits of using auction houses for property auction is that prospective buyer does not have to run from pillar to posts in search of the property for auction and they get to participate in the auction conveniently.
However, one of the drawbacks of the auctions carried out in auction houses is that it may not guarantee fair market price for the seller. Such prices may be possible only after protracted negotiations between the willing seller and buyer.