An auction refers to any public sale of any property/item, where bids are placed by interested buyers. The highest bid gets the chance to purchase the property or item at that final price.
An auction indicates selling something publicly where bids are placed by prospective buyers for specific properties, items, and the like. The highest bid/valuation wins the auction. Buyers thus compete to purchase any asset in the auction model for sales. Auctions may take place offline and online. There are open auctions where bidders stay in the loop about competing bids. There are closed auctions, where they do not know about the same.
Several marquee real estate properties often take the auction route for sales. There are often auctions for mortgaged properties, where borrowers have defaulted on their payments. Banks seize these properties, while auctioning them to the highest bidders in order to recover their mortgage amounts.
