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The Property Auction Option

By Andrew John Cocks | Parry Sound Real Estate Listings Sale

The Property Auction Option

Article by Edward D Parry

What do you think about when you hear the word “auction”? Maybe charity auctions come to mind, where the rich and famous buy things that we would probably never use, and could never afford. Or there is the timeless image of the unsuspecting person at an auction, who inadvertently bids by scratching his nose. Do these images make you curious about, or interested in, purchasing a house, piece of land, etc., through a property auction?

First things first

The first step in securing property through a property auction is to learn where and when a property auction will take place. That sounds like a piece of cake, but can be more challenging than you might expect. However, before you launch into the process, it is practical to address why properties are sold through auctions in the first place. Why would it be preferable to using a Real Estate Agent, or even selling the property directly to the buyer, without bidding?

Why auction?

Reasons why properties are sold through auctions include:

<ul style=”margin-top: 0cm”><li class=”MsoNormal” style=”margin: 0cm 0cm 0pt; tab-stops: list 36.0pt”>The seller is interested in earning a profit through the sale<li class=”MsoNormal” style=”margin: 0cm 0cm 0pt; tab-stops: list 36.0pt”>The home could be sold to settle debts involving liquidation, bankruptcy, etc. <li class=”MsoNormal” style=”margin: 0cm 0cm 0pt; tab-stops: list 36.0pt”>The seller bought too many properties and needs to sell one or more of them<li class=”MsoNormal” style=”margin: 0cm 0cm 0pt; tab-stops: list 36.0pt”>The property was a component of illegal activity, and officials who confiscated it want to get it off their hands. <li class=”MsoNormal” style=”margin: 0cm 0cm 0pt; tab-stops: list 36.0pt”>Due to a surplus of supply or a low demand, the property has not sold through other means<li class=”MsoNormal” style=”margin: 0cm 0cm 0pt; tab-stops: list 36.0pt”>The property had been leased out, and at the end of the lease term, the legal owners no longer require the property.<li class=”MsoNormal” style=”margin: 0cm 0cm 0pt; tab-stops: list 36.0pt”>The property is surplus property of a local, regional, or national government. <li class=”MsoNormal” style=”margin: 0cm 0cm 0pt; tab-stops: list 36.0pt”>The seller wants to invest the capital earned through the auction, in new properties Need-to-know info

After you have decided to purchase a house through a property auction, you will need to find out where and when local property auctions will take place. Some of the more traditional means include calling up contact numbers on “For Sale” and “Auction” signs you see in front of properties, and looking up auction houses in the phone book.

In the dawn of the Internet, you can search for auction houses by letting your finger do the walking (actually, rolling of the mouse.) Some websites make it a cinch to search for auction houses. You simply click a particular region of the UK, and then the auction houses that sell properties in that region pop up on the screen.

After locating auction house(s) in your area, you will want to learn more about them, before attending an auction. Learn how frequently they have auctions and generally how many properties are auctioned off at each one. Ask about the terms of service and customer service.

Why buy properties through an auction? They provide an array of benefits for both the buyer and seller, with the former being in your best interest. Using various methods, you can find auction houses in your area, and then discover how well they can serve you. After making the final bid, the sound of the auctioneer’s gavel will put a smile on your face.

Simon Harvey is an experienced writer in UK personal finance issues. He is a staff writer for Insurance Sorter in the UK.Get more information regarding buying your home at auctions.

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Online Real Estate Auction

By Andrew John Cocks | Real Estate Online Sites

Online Real Estate Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the winning bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange. The same set of rules applies to online auctioning too.

Online auctioning has become more popular with the advent of the World Wide Web. There are a lot of items that come up for sale through auctions. One among them is real estate property. Earlier buying a property, meant physically visiting the property, talking in person to the owner et al. Gone are those days, now you can sit in the comfort of your room and buy a real estate property through the internet. There are a lot of sites that promote online auctions.

If you have a real estate property and would like to get the best deal on it, real estate auctions are the ultimate choice for you to get the maximum price.

Florida is a fast growing city and you will get the best opportunities to get the best price of your property here. There are a number of properties that are worth buying. Be it for own use or for an investment purpose, a real estate property is one of the best investments you could ever make. People here in Florida look for the investment options and participate in online or offline auctions.

One of the biggest challenges faced by any property owner is getting the best deal for their property. This is where online auctioning plays a vital part. In most cases, you will be able to sell your property higher than a minimum price agreed by you and if it goes below it then your property remains with you. However if there are no bidders for your property or you did not get the minimum bid price, you will have to pay the auctioneers service charges.

This is a rare case scenario and does not happen very often. In such a case, experts at the auction center evaluate your property and fix a minimum bid price in consultation with you so that you reap maximum benefits from the auction.

You can walk into any auctioneers office and give them the details of your property along with the photos of it. It will then be listed on their website with a fixed minimum bid price and a deadline date and time will be fixed for the auction. Until that time bidders can place their bids and the highest bidder will get to buy the property. The seller of the property is not legally liable on the auction until the bid has been finalized. He can withdraw from the offer anytime until then. The seller becomes legally liable when a bidder has won the bid. The seller will have to sign an agreement of contract with the auctioneer, which will include fee of auctioneers and their commission. The seller has to abide by the rules as mentioned in the agreement or contract and if he is not aware with any of the terms or if he has any specific questions in mind, then it should be raised with the auctioneers before he actually signs it. No wonder why online real estate auctions are gaining prominence, especially for real estate investment properties.

Chris Broad is a writer for Bidabing.com an online real estate auction site for Florida real estate auction, Miami real estate auction, Florida property for sale, Florida real estate marketing, Miami foreclosures etc.

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