Archive for the ‘Property Auctions’ Category
Auctioning Public Properties
Most often public properties are sold through auctions wherein buyers bid or offer to buy at their highest price. Public property auctions are open to everyone who can afford to buy the property unlike a private auction where the buyers present are invited.
Auctioning began as a practice in ancient Rome and was generally done by four players. The first being “dominus” or the owner of the property, the second “argentarius” or the organizer or financer of the auction and the third and fourth “praeco” and “emptor” being the event manager or promoter and highest bidder who then becomes buyer of the property ultimately.
The practice was brought to the United States from England courtesy the early English settlers. Auctions are therefore quite common in most countries that were under the British diktat like China and India. Auctioning is also commonly carried in Japan and other countries around the world.