The auctions that are conducted locally are known as local auctions
. These auctions don't have the involvement of any government authority nor are there any rules that have to be stuck by.
Local auctions are conducted according to the will and according to the rules set by the local people where the auction is been held.
Why are local auctions held?
There can be many reasons why local auctions are conducted.
Property
Sometimes people do not want get into the hurdle of law and court so they opt for a local auction so that things get settled quickly and with ease. Other reasons can be for example, there may be a quarrel among the joint holder of a property and they want to divide it among themselves and so the property is put up though local auction to sell it.
Merchandise And Antiques
Many paintings of great artists and other merchandise and antiques are also sold by local auction. There are auction houses which conduct this auction and after the goods are sold they take a percentage of the amount that the owner has fetched from the auctions.
Vehicles
One of the most widespread auctions is car auctions. Many old cars and forfeited cars by the bank from those who have failed to pay the installments are auctioned by local auction.
The big advantage of local auctions
The properties that are sold by local auction often fetch a high amount than other auctions such as government or police auctions, and many people get the opportunity to buy properties and other merchandise in great condition and almost new for only half the price.