What About Closing Costs?
Closing costs for an auction sale of real estate are similar to those of a traditional sale. The typical seller's costs are for marketable title transfer (abstracting, etc.), site survey, and revenue stamps.
Typical buyer.s costs are title exam, title insurance policy, deed, filing fees and any needed staked surveys.
Closing costs that are split between the Seller and the Buyer are the closing fees charged by the title company for document preparation and the closing transaction.
Neither Smith and Smith, Realtors nor Williams Auction Company have any ownership in the title companies, lenders or surveyors, nor are any fees collected from them.

What Are The Risks?
Any Sale of Real Estate, auction, or otherwise, requires a willing and able Buyer and Seller at agreed terms. With an absolute auction at higher than expected price may occur. There is also the risk of a lower than expected price. A minimum price, or reserve price, can be set but will resultin additional Seller costs.