There are several types of auctions that are utilized for real estate sales, including vacant land, and business sales. Following are the most common types of auctions: (1) Ascending or English Auctions. This is the most common type of auction where the price asked is low and then increases as bidders compete. Bidders call out their bids or raise their hands. (2) Descending or Dutch Auctions where the price starts high and is reduced until a bidder accepts it. (3) Sealed-Bid Auctions. This is where bidders submit their offers in sealed envelopes (secretly). The highest bidder wins. (4) Reserve Auctions are used for procurrent where the buyer seeks the lowest price. Bids are usually submitted by Sealed-Bid, and (5) Silent Auctions where items are displayed along with bid sheets. Participants write down their bids. Silent Auctions are typically used to raise funds for an event.