Real estate auctions have existed for decades, but with the invention of the internet, have become much more commonplace. Historically, real estate auctions were primarily used when selling a foreclosed or abandoned property by a county sheriff or other law enforcement official. While financial lenders still organize monthly auctions to sale delinquent properties, the internet offers scores of real estate auctions on a daily basis.
Major online retailers, like eBay, list real estate properties for sale online each day. Smaller real estate online auction houses list a smaller number of properties for sale around the United States, or overseas. While online real estate auctions are legal, the sales aren’t complete until the buyer secures financing, and the seller supplies a valid property deed.
Searching online for a real estate deal offers potential buyers the ability to search properties at their leisure. Buyers from online real estate auctions shouldn’t offer their personal information, such as a social security or savings account numbers to online sellers.
All real estate auctions websites post procedures and policies to be followed after earning a winning bid. The completion of the transaction will occur after a series of paperwork is transferred and processed between the parties involved in the sale.
Real Estate auctions, whether online, or through an onsite auctioneer, charge a fee to post real estate property for sale. The fees or commissions involved with both posting a property, and completion of a successful sale vary by local auctioneer, or online auction house.
Real estate foreclosure auctions are also offered via the World Wide Web. Potential buyers should thoroughly read all posted information regarding the property, and check with the local courthouse regarding possible back taxes, and liens against the property before bidding. While legal obligations and delinquent taxes can be attached to any property, incidents are more frequent when dealing with foreclosure auctions.
Carefully review the listing information posted with a real estate sale for information regarding mineral rights, oil and gas leases, restrictions of use, and variances concerning the property. A home may be listed at a great price, but hidden in the fine print might be details on mold found in the home, a highway expansion that will run right by the front door, or other statements concerning how quality of life obstacles associated with the property.