Question:

Is it possible to buy real estate via home auction sites?

Answer:

Yes, it is. There are home auction sites to purchase real estate in the US or the UK. Most of those websites list REO properties and provide a connection among real estate agents, investors, sellers and buyers.

How does a real estate auction site operate?

Interested buyers search the home auction site for free, make their bid and can acquire property online. E-mail reports containing REOs on sale in the area of interest can also be sent to the buyer or the buyer's agent upon subscription.

Sellers and buyers are supposed to register on the home auction website and buyers can bid on the desired property, while keeping an eye on more than one property. If you are outbid, you will be notified via text message or e-mail.

Bidders usually need to be able to pay in cash, or have lender pre-approval to place a bid online.

Advantages of Selling and Buying Homes Via Real Estate Auction Websites

  • Quality real estate auction sites can upload properties to major search engines and help sell a property within two weeks' time.
  • Properties could sell even faster - within several days from posting.
  • Sellers can post their properties for a low flat fee.
  • Buyers have the possibility to acquire property faster - within 30 days after they won the bid.

Commissioned real estate agents can get their commission quickly.

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