ServiceLink Auction is it legit?

Question

Hello! There was a short sale in my area that I was going to make an offer on but before I was able to it went under contract. It was just canceled and now it’s on ServiceLink Auction. Just wondering if this is legit and has anyone used it before?

Thanks!
Vanessa

Thanks!   Vanessa

Minna Reid · Answer

If it is for a short sale, the lender is using service link to validate the sales price. If you do bid online, the sale will still be subject to short sale approval.

Ty Coutts · Answer

Hello, Vanessa Pacheco, I understand your skepticism. ServiceLink Auction is a credible platform for purchasing properties through auction. Ensure you perform thorough due diligence, understand the auction process, and have financing ready if needed. If you're new to property auctions, you might also consider consulting with a real estate agent or attorney experienced in auctions to guide you through the process. Here's what I do and don't like.

Pros:

Potential for Bargains: Auctions can offer properties at lower prices than traditional listings.

Speed: The auction process is usually quicker than traditional sales, with a defined timeline for closing.

Transparency: The bidding process is transparent, and you can see competing bids in real-time.

Cons:

As-Is Condition: Properties are often sold "as-is," meaning no repairs or warranties.

Limited Inspection: There may be limited opportunities to inspect the property before bidding.

Financing Challenges: Securing financing for auction properties can be more challenging and may require quick approval.

Auction Fees: Be aware of any additional fees, such as a buyer's premium, that could affect the total cost.

I hope this helps you out!

Vanessa Pacheco · Answer

Thanks for the feedback! Very much appreciated.