Auction- the Best Way for a Seller to Get Their Property!
“Do online real estate auctions really work?” is a common question from sellers who are new to using online auctions to market a property. The answer: Yes, they do work! If they didn’t work, we would be seeing a decline in online real estate auctions and instead we are seeing an increase.
Prior to the popularity of the Internet, only live auctions were available. A live auction is successful in drawing attention, but they require coordination, advertising and auctioneer fees. It’s not uncommon for a seller to pay thousands of dollars upfront and it doesn’t guarantee a property will sell. Live auctions are still successful today and there will always be a place for them or go to www.auction-words.com
today, the Internet is changing the real estate auction industry. An online auction can be just as successful in drawing attention and doesn’t require as much cost upfront. The success will still be related to how well it is advertised and whether it’s a good deal, but an online auction is an easier alternative and available to more sellers. In today’s market where properties are not selling as fast, sellers are looking for more options. As a result, more sellers are turning to online real estate auctions as a solution.
Another reason that online real estate auctions are becoming popular is because buyers are more comfortable bidding online. No longer are online auctions just for “as-is”, sight unseen properties. Some sellers are helping encourage bids by giving access to the property, allowing inspection periods and/or providing inspection reports. Another reason for their popularity is that it’s easier to bid than to write up a sales contract. All negotiation is automated and done on line.
The winning bid on an online real estate auction site like EBay.com or REIAuctions.com is similar to a verbal commitment. It doesn’t become binding until a sale contract is signed or visit www.auctions-profits.com that doesn’t mean a bidder should not be serious about following through, but it does allow them to submit bids without worrying about getting “stuck” with a property if a problem is uncovered.
However, it’s now a buyer’s market and that’s changing how online real estate auctions are run. For example, more and more auction listings provide buyers a way to view a property and do their due diligence before bidding. As auctions are still the best way for a seller to get their property noticed, it’s not a surprise that more sellers are combining that marketing power with flexibility to make their property more appealing.
An auction is still the best way to market or find a deal on a property. As buyer confidence grows and the online Real Estate auction success continues, more sellers will move to online auctions, changing the way real estate is bought and sold for everyone.
Sandeep
If you are trying to buy a foreclosure or a house in general read this?
I recent purchased a home that was a foreclosure. Now before you say somebody did it I can too. Stop right there. This house started off as a foreclosure the owner agreed to sell. the first loan on the house agreed to sell the second loan did not! While other banks were taking a couple of thousand dollars to settle a second loan maybe 3-6 thousand. We offered the high amount to settle the second loan the BANK WAMU said no we want 12,000!!! Long story short we did not want to pay that much they would’nt budge. So the first loan Wells Fargo Foreclosed on the property we had been trying to get for 3 months! Wait it gets better. The house sells at auction to an investment company that quickly relists the house for 100k more than what they paid for it. We called their office to make an offer again long story short we used their in house agent to represent us as to ensure we get the best chance at getting the property (I’ll explain later) They take almost 3 weeks to accept our offer
Now because we choose to use their agent we have no one watch our backs as the agent who represents us works for the seller same office. Again they drew up a counter offer that would make only a greedy seller proud (All contingencies go away in 10 days,buyer will pay 5k over appraised value) Its was a nightmare but because we had quality people in our corner we didnt get burned by some of these statics in fact we added one (Buyer agrees to pay only appraised value) Here is where it got sticky seller agrees to that and signs the counter offer. But when the appraisial came up short they were not going to honor the signed offer sheet! The reason I know that is I was at the property taking measurements and an agent showed up at the door stating the fact they he talked to the seller and they were thinking about canceling the escrow can he look at the property! I called the agent and she said ooh they didnt realise that after they submitted more comps the appraisal came in with their number.
We did finally get the house but it was hard fought 6 months! moral of the story
Do your homework
Dont give up
Use their (sellers) agent greed usally works double comission
Find someone else to watch your back as far as Housing knowledge goes
And read everything you can about housing
GOOD LUCK
I read all your dribble but where is your question??????
I think you wanted Craigslist rants and raves!
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What is your question. I didn’t even read it and I am sure most people on here won’t
Buying a house is a major investment: if you are not familiar with the process it can be painful.
If you factor in the fact that it is a house in foreclosure, you a multiplying the pain many times.
If you would like advice or answers, please summarize and use paragraphs.
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