Starting this weekend, there will be a new option when it comes to home sales in Austin.

On Saturday, a live home auction will be held at the Hyatt Regency Hotel on Town Lake, which will provide home buyers a chance to bid on more than 20 properties here in Central Texas.

The light fixtures and carpet are new. The wood floors are polished and the backyard is big. The three-bedroom, two-bath house is ready for move-in. It's located in North Austin on Lamplight Village near Parmer Lane and MoPac.

"Centrally located, it's a great neighborhood," said Robert Grunnah of Home Auction Live! It's one of 20 properties that buyers will be able to bid on during Saturday's live public auction. Grunnah says the time is right to offer a new way to sell residential property.

"If you think of eBay and you think of how online auctions are now things that most people know about, they understand auctions," said Grunnah.

Until now, most auctions have involved foreclosed property, not in the best of shape, that go to the highest bidder on the steps of a courthouse.

But Home Auction Live! doesn't offer distressed property. Buyers can arrange financing with as little as 5 percent down and they have two weeks before the bidding begins to check out the homes.

"Potential bidders can come with their inspectors. They can come with their contractors. They can bring a team of folks if they like into the property," said Grunnah.

Realtors are also involved in the process. They get a referral fee for any property listed and sold at auction. The starting bid for one home is $99,000. It's one of five houses in the modest price range. Grunnah's goal is to make it easy for first time homebuyers.

But whatever the price of the home... "Once the gavel falls, if you will, and the auction closes that buyer is responsible to purchase that property," said Grunnah.

The auctions will be held the first Saturday of the month.