Best Online Auction Sites & Tips for Real Estate: Find the Right One for You

Are you looking for a new way to sell your real estate? If so, you may want to consider online auctions. Online auction sites are becoming increasingly popular, and there are several different platforms to choose from. In this blog post, we will discuss the 8 best online auction sites for real estate. We will also provide tips on how to find the right platform for your needs!

 

You've definitely heard of purchasing goods from online auction sites like eBay, but did you realize you could also purchase a home from one of these sites? The process is very similar to bidding on any other item at an auction, but there are a few pointers you should be aware of, such as where to look for the top online sites for real estate auctions.

 

Let’s first understand the Online Real Estate Auctions..

 

Online real estate auctions frequently occur when a seller wants to sell their property to the highest bidder as soon as possible or when a bank has foreclosed on a property and wants to acquire the maximum sale price for the property in order to minimize the loss to the lender.

 

Any auction of a home, whether it is being conducted by an individual or a lender, will fall into one of three categories:

 

Absolute auction: This type of sale involves selling the property to the highest bidder, even if that bid is much below the home's market worth.

 

Reserve Auction: In a reserve auction, the home's owner or lender establishes a reserve price at which they are willing to sell. The house won't be sold if the bids fall short of that reserve amount.

 

Minimum Bid Auction: This form of auction is comparable to a Reserve Auction, but the owner or lender sets a minimum bid amount. The highest bidder takes home the prize at the end of the auction.

 

The winning bid must always be approved by the seller when an auction is over. The approval process can take up to 15 days, and in rare situations, it may lead to the house being re-auctioned in an effort to raise the winning bid.

The Costs of Online House Auctions

 

Although real estate brokerage fees are often waived when buying a home through an online house auction, there are several costs unique to internet auctions:

 

Buyer's Premium: The cost associated with holding the auction on the auction site. This fee can be a flat rate of $1,000 or more, but it typically ranges from 5 to 10% of the final cost of the house. On the majority of auction platforms, the buyer pays the higher of the two prices.

 

Transfer Fees: Depending on the website you choose to buy from, these fees might be $1,000 or more.

 

Auction Service Fee: Some websites substitute an auction service fee for a buyer's premium. The price ranges from $3,000 and above.

 

Technology Fee: The buyer will be charged a technology fee to cover the costs of running the auction website. You would have to pay an additional $200 to $500.

 

Earnest Money: This deposit may be deducted from the winning bid when payment is made, or it may be returned to a bidder who loses the auction. It is a fluctuating sum. The majority of websites demand 5%–10% of the winning bid as earnest money, with a minimum of $2,500 required before you can bid (sometimes known as a "bidding deposit") and the remaining amount due within 24 hours of the auction's conclusion. You forfeit your earnest money if you are unable to pay the winning offer in full within the specified window of time (often 30-45 days).

 

You can also be liable for commissions, closing costs, tax liens, or other expenses at the time of closing. Additional Miscellaneous Fees, Liens, or Encumbrances.

TAKE NOTE: Patience and research are necessary when bidding on a house at auction. As opposed to when using a standard purchasing strategy, anticipate spending a lot more time looking for and investigating the ideal auction home.

 

Buyer Expectations When You Win an Auction Home

There are some expectations you might plan to meet if you do find the ideal property and succeed in winning it at auction. For instance, you could be required to provide proof of money or a letter of recommendation from your financial institution to demonstrate your ability to pay for the house you win.

 

You should also be aware that, unless otherwise specified, you are buying a house "as-is, where-is." This implies that you are exclusively liable for maintenance and repairs, regardless of the state of the house.

 

Additionally, if you are buying an occupied home, you might have to pay for and go through eviction proceedings before you can take possession of the property once the sale is finalized.

 

Finally, you must abide by the Right of Redemption legislation in several states. According to these rules, the owner whose home was foreclosed upon has a specific period of time (often 6-18 months) in order to make up missed payments and pay a fee (typically 20% of the home's total value) to reclaim ownership. You are not required to be compensated for any repairs, modifications, or updates you make during that time.

 

8 Online Home Auction Sites

If you're considering using an online auction site to sell your real estate, there are a few things you should keep in mind. First, you'll need to make sure that the site you choose is reputable and has a good track record. There are many scam sites out there, so it's important to do your research before committing to anything.

 

Once you've found a reputable site, you'll need to create an account and list your property. Be sure to include clear photos and all the relevant information potential buyers will need to know. You'll also need to set a starting price and reserve price for your auction.

 

Finally, it's important to promote your auction so that potential buyers are aware of it. You can do this by sharing the link on social media or through email marketing.

 

With these tips in mind, you're ready to start selling your real estate online! Be sure to check out our list of the best online auction sites below.

Auction.com is one of the most popular online auction sites for real estate. They offer a wide variety of properties, including residential, commercial, and land auctions. 

 

Auction.com is a great choice if you're looking for a reputable site with a good selection of properties.

 

RealtyBid is another popular option for online real estate auctions. They offer a wide range of property types, including single-family homes, condominiums, and land. 

 

RealtyBid is a great choice if you're looking for a site with a good selection of properties and a user-friendly platform.

 

Hubzu is a great option if you're looking for an easy-to-use online auction site. They offer both residential and commercial properties. Hubzu is a great choice if you're looking for a user-friendly platform and a good selection of properties.

 

Xome is an online auction site that offers both residential and commercial properties. They have a user-friendly platform and offer a wide range of property types. Xome is a great choice if you're looking for an easy-to-use site with a good selection of properties.

 

Real Estate Disposition is an online auction site that offers both residential and commercial properties. They offer a wide range of property types, including single-family homes, condominiums, and land. Real Estate Disposition is a great choice if you're looking for a site with a good selection of properties.

 

Ten-X is an online auction site that offers both residential and commercial properties. They offer a wide range of property types, including single-family homes, condominiums, and land. Ten-X is a great choice if you're looking for a user-friendly platform and a good selection of properties.

 

Homesearch is an online auction site that offers both residential and commercial properties. They offer a wide range of property types, including single-family homes, condominiums, and land. Homesearch is a great choice if you're looking for a user-friendly platform and a good selection of properties.

 

Real Estate Center is an online auction site that offers both residential and commercial properties. They offer a wide range of property types, including single-family homes, condominiums, and land. Real Estate Center is a great choice if you're looking for a user-friendly platform and a good selection of properties.

 

Now that you know the eight best online auction sites for real estate, it's time to start selling! Be sure to promote your auction and list all the relevant information potential buyers will need to know. With these tips in mind, you're ready to start selling your real estate online!

 

Do you have any other tips for selling real estate online? Let us know in the comments below! And be sure to check out our other blog post on the best online auction sites for other items, like cars, jewelry, and more!

 

If you're looking for more tips on selling real estate, be sure to check out our blog post on the top 12 tips for selling real estate. And if you're looking for more information on auction sites, be sure to check out our blog post on the top 12 online auction sites. Thanks for reading! We hope this was helpful!

 

Selling real estate can be a daunting task, but with the right preparation and platform, it can be a breeze. Check out our list of the eight best online auction sites for real estate to get started! And be sure to let us know your thoughts in the comments below!

 

Have you ever sold real estate online? What was your experience like? Let us know in the comments below! And be sure to check out our other blog posts on the best online auction sites for other items, like cars, jewelry, and more! Thanks for reading! We hope this was helpful!

JACOBS & CO. REAL ESTATE, LLC.

12923 Fitzwater Dr. Nokesville, VA 20155 

(703) 594-3800 | jacobsandco.com