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Interest Rate bided down: This type of auction is for Tax Lien Certificates, and starts with the maximum interest rate. The auction proceeds with each investor willing take a lower percentage of interest on the Tax Lien Certificates. The amount paid for the Certificate is a fixed amount, the percentage of interest (the investor's rate of return) on that certificate is the variable determined by the auction. This type of auction is more a benefit to the delinquent taxpayer than the investor. As the interest rate goes down on the certificate, the delinquent taxpayer's cost to redeem the property also goes down.
Highest bid: This is the most common type of auction format. This can be used with both Tax Lien Certificates and Tax Deed Sales. The bidding starts with the minimum bid and proceeds with each investor willing to pay a higher price. With Tax Lien Certificates the interest rate is fixed, the price you pay for that interest rate is the variable. With Tax Deed Sales this is usually the auction method used. You are bidding on the deed to the property, so the successful bidder is the investor willing to pay the most for that deed.
Premium bid: This is basically the same as the Highest bid style. The only difference is the bidding starts at zero (no premium). The bidding then increases by the premium amount, the amount an investor is willing to pay above the minimum bid. Keep in mind that the bids in this type of auction are not the total amount you will need to pay. The total amount due is the minimum bid, plus the successful auction bid (premium bid).
Percentage of Ownership bidded down: This type of auction usually has a fixed amount of interest and a fixed minimum bid. The bidding starts at 100% ownership of the property. The bids then proceed with the investor willing the take the least amount of ownership in the property. This is usually only used in Tax Lien Certificates auctions, and therefore the percentage of ownership may never be an issue. It only applies if the delinquent owner fails to redeem the property, the property is foreclosed on and the investor is issued a deed.
Some of the more common auction items include:
used autos • marine vehicles • jet skis • aircrafts • homes • real estate • commercial property • farm equipment • industrial • business • electronics • computers • antiques • art • coins • stamps • appliances • guns • travel • collectibles • clothing • crafts • boats • bikes • motorcycles • mobile homes • jewelry • toys • cars • trucks • mopeds • bicycles • cameras • televisions • clocks • furniture • unclaimed property • abandoned property • personal property • office furniture • condominiums • town homes • commercial property • vacant land • single family homes • machinery • tools • hardware • building supplies
and much, much more...
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