There are several types of auctions, including:
- E-Auction (Online Auction)
- Conducted online through an authorized auction platform.
- Bidders place their bids within a specified time frame.
- Transparent and convenient for buyers.
- Open Auction (Public Auction)
- Conducted at a physical location.
- Bidders openly compete by placing higher bids.
- The highest bidder wins the property.
- Sealed Bid Auction
- Bidders submit their bids in sealed envelopes.
- All bids are opened together, and the highest bid wins.
- Ensures confidentiality of bid amounts.
- Private Treaty Sale
- The bank negotiates directly with an interested buyer.
- No competitive bidding; the property is sold at a fixed price.
- Dutch Auction
- The auction starts at a high price, which gradually decreases.
- The first bidder to accept the current price wins the auction.
In bank auctions, E-Auctions and Open Auctions are the most commonly used methods.