I received a notice yesterday that Austin's Home Auction Live! website launched. You may not realize that home auctions are one of the fastest-growing businesses in this national housing climate.

Increased foreclosures and luxury home inventory are the top real estate sales at auctions.

Have a home that won't sell? Need to get rid of land or home inventory? Have equity, but no time to go through the real estate sales process? A real estate auction may be right for you.

Even better, the process is actually quite simple.

HOW THE REAL ESTATE AUCTION PROCESS WORKS

1. You or your real agent will contact the real estate auction website or auctioneer. You will need to have equity because you will sell at a discount.
2. The auctioneer will gather all details of your home. Some auctioneers will research and produce a marketing plan for the home if it's an upper-tier.
3. The potential buyers will inspect the property 7-14 days prior to the auction, so you need to provide full access or risk losing money at the auction.
4. Auction Day! If the home is listed with an agent or broker, they will usually need to be in attendance. Same thing goes for a buyer's agent.

WHAT CAN YOU BUY OR SELL AT A REAL ESTATE AUCTION?