There are many advantages to both buyer and seller in using the auction method of marketing to facilitate a property sale.  The auction normally requires about six weeks from date of contract to the actual sale followed by a two week period to close the sale.  Auctions have no contingencies affecting the sale so the buyer needs to do his or her research prior to auction day.  Costs to the seller are the direct marketing expenses and normal closing items-title, taxes, survey, etc., however, the commission is usually passed on to the buyer in the form of a buyer's premium which is added to the high bid amount leaving the seller with that sum.  Real estate auctions usually have a reserve amount which must be realized at the sale or the property is not then sold.