On-site auctions are becoming popular as owners struggle to sell their properties

But now, despite the large volume of properties that need to be dumped, some lenders are trying the on-site method of auctioning individual properties – at all price points.

“It’s not that we haven’t tried everything else,” said Dean Williams, chairman and chief executive officer of Williams & Williams, a Tulsa, Okla.-based company that auctions an average of 50 properties on-site in South Florida each month. “But the authenticity and transparency of an on-site auction has shown to be more effective,” Williams said.

Bidders usually are more comfortable making an offer on a property they can tour at the time of an auction, he said. Williams also said the company has found that on-site auctions help focus attention on a specific property.