1. The auctioneer starts the auction by presenting the Penrose condo and offering it at the opening price.
Buyers make bids by raising their hands – such attempts may be higher or lower than the offer price depending on the buyers’ sentiments on its valuation.
2. The auctioneer continuously asks for a higher offer until the audience makes no higher bids.
3. If the highest bid fulfils the reserve price, the property is announced as “sold” on the fall of the gavel.
*Do note that both the buyer and seller can’t carry out further negotiations after the property is declared “sold”.