Online Real Estate Auctions For Investors
Buying real estate at auction is nothing new. But seeing a 309,734-square-foot office complex in Manhattan Beach, California sell for $96.1 million on Auction.com is definitely a new experience. So far, it’s a record. But I’d be willing to bet it won’t hold the record for long.
Local multiple listing services and individual real estate firms have listed and sold properties online for decades. And craigslist has long been a viable alternative for owners of homes and business buildings who choose to sell by owner, as well as additional marketing tool for licensed agents.
But now there are plenty of other platforms where real buyers can show up and bid on property instead of simply discovering data and then sending an email or text to connect with the agent or the seller.
I’m not talking about only repossessed or distressed propertieshere, either. Many listings are high-class commercial buildings and lovely, livable homes. Owners have made a financial decision to put their real property up for auction online because it serves their needs better than listing with a local agent.
Hubzu.com is one example of an online real estate website where sellers can list their homes (residential listings only) located in Florida, Texas, California, Georgia and Illinois. Online real estate auctions are not legal in all states. On Hubzuyou see the current bid, updated every half hour or so, as well as the date and time the bidding will close.
************** sells homes and land online, along with tax lien certificates and jewelry. No, it’s not an online pawn shop but, to me, it has the same look and feel.
If you like that pawn shop environment, don’t miss out on the fun to be had at USA.gov, which is where United States government agencies liquidate real estate and also other assets that have come under government ownership, such as airplanes, jewelry, art, vehicles, antiques and computers. In case you’re wondering why this government website also sounds like another online pawn shop, here’s their explanation:
“Government agencies have these items for sale for several reasons. Some law enforcement agencies sell the seized or forfeited property of criminals. Other agencies sell items that were forfeited because of nonpayment of federal income taxes. Finally, some of the items are available because an agency surplused them and no longer needs them.”
But back to regular real estate for sale at auction… A quick look at Auction.com today reveals just under 250 homes, condos, multi-families and lots up for auction now and in the near future, all of which are not bank-owned or in foreclosure. But that selection pales in comparison to the nearly 25,000foreclosures up for sale at auction in ten states, California, Florida, New Jersey, Michigan, Pennsylvania, Georgia, Illinois, Ohio, Arizona and Washington.
It’s like Ebay for real estate investors… but it’s all real estate, all the time.