A Few Auction Myths Last Option:  Many people think that if a property is up for auction then the sellers have reached their “last option” (possible causes; death of a family member, foreclosure, bankruptcy, etc.) Rather, Auctions are a CHOICE for today's buyers and sellers and for many it is their FIRST choice. The reasons for auctions are as varied as the number of property and items that can be sold. Only Foreclosures and Distressed Properties. Actually distressed or foreclosure properties only make up a small percentage of auctioned properties. Must Have Auction Experience:  Another myth is that you have to be an "experienced" auction goer to buy and sell when in fact the majority attending a real estate auction are there for the first time. Everyone is welcome and the staff is great about helping first timers to understand how auctions work, how to make a bid, etc.