Real estate auctions are growing in popularity among all home sellers, with nearly $60 billion worth of real estate property sold by auction in 2007.

If that makes you think of foreclosures or distressed homes, think again. Auctions work very well for multi-million dollar homes, waterfront properties, houses with historic significance, and other houses as well, says Linda Welsh, a real estate auctioneer in Austin, Texas.

On its Web site, the National Auctioneers Association (NAA), the trade association that represents the nation's best and brightest auctioneers, reports that nearly $60 billion worth of real estate property sold at auction in 2007. Nearly $17 billion of that involved someone's home -- an auction category that has grown 46.6 percent since 2003, says Chris Longly, the spokesman for the association. Craig King, president and CEO of one of the oldest real estate auction houses in the country, J.P. King Auction Company out of Gadsden, Ala., says the luxury market is the most active.

Residential real estate auctions are the fastest growing sector in the live auction industry today, which is why the NAA started the industry's very own multiple listing service (MLS) this year. For a fee, homes going to auction now can be listed not only at the National Association of Realtor's (NAR) MLS but also at the NAA's. Just visit the NAA Real Estate MLS to find out if there's a home going to auction in your neighborhood.

Also, look in glossy magazines for the advertisements. Auction houses consider themselves marketing gurus, spending thousands of dollars to attract buyers to a property expected to sell on the day of auction -- its main benefit.

But is this high-pressure, fast-paced process for you? We asked the experts what you need to know to help you decide.

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