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That's correct... essentially it will be the qualified buyers in either the property that is being sold or in the REA's boardroom at their office. It is the same as a normal auction but just in a more intimate environment.

Private auctions are common practice and many agent use this as their preferred selling method when there are multiple offers on the table. The benefit for you is that there is a clear and transparent environment to purchase the property. It's much easier to bid in an intimate environment...