Real Estate Auctions: Legal Concerns for an Increasingly Preferred Method of Selling Real Property

Abstract

Part I of this Article provides an introduction and history of how the real estate auction has been used to sell non-distressed properties as an alternative to negotiated sales. Part II analyzes, from a legal perspective, auction practices that allegedly undercut the reputation of the industry, including complaints of both buyers and sellers. Part III reviews existing legal and ethical rules that affect the real estate auction process, and considers why existing rules are not adequate and are in need of reform.

Keywords: Real Estate Auction, Celeste Hammond, Steven L. Good, Non-distressed properties, Alternative to negotiated sales, Legal perspective auction practices