Auction

A public bidding sale — no cooling-off period and you must have unconditional finance ready.

A property auction is a public bidding sale conducted by a licensed auctioneer. The highest bid above the reserve price wins; if no bid meets the reserve the property is "passed in." Auction purchases have NO cooling-off period in any state — the contract is unconditional the moment the hammer falls. You must have unconditional finance pre-approval and have completed all inspections before bidding.