The word “auction” is derived from the Latin auctum, or augeo “I increase”. Auctions have been recorded as early as 500 BC in Babylon. Auctions are still the preferred method in ascertaining the most competitive price that the market is prepared to offer in a period of condensed and open negotiations. Perhaps this why courts and government use auction as the preferred method of sale for mortgagee in possession, divorce, public trustee and any other legal proceedings.
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