In essence, kingpin, what you are saying here is correct. Can't argue with your comments. Nevertheless, a simplification of the myriad complexities of the auction process and the dynamics that come into play with the three major participants (auctioneer/RE agency, vendor and buyers). It would take too long for me to explain these complexities here. But what I can say is that from a vendor and buyers perspective it is wise to research the area in fine detail before you are exposed to the auction process. In this instance the best avenue of research is to find an unbiased person (friend, friend of friend, relative etc) that is or has been involved in the RE industry for a significant period, and pick their brains.
