Real estate auctions have been quite a popular topic, especially for the ones who are looking for online mediums to sell their properties. While auction websites are considered a great way for real estate investors and homebuyer for efficiently locating and purchasing real estate at the best prices, people do prefer having sold their properties through digital options rather than choosing traditional methods.
Read on to know the best websites you can choose to auction properties online, be it commercial real estate auction or residential real estate auction.
Rimarketplace.com
RealINSIGHT Marketplace is an online commercial real estate auction platform with the highest sell-through rate in the CRE industry. Powered by a team of commercial real estate, marketing, and technology experts, with decades of experience, it has an extensive reach to qualified investors. Through an interaction-driven model, RealINSIGHT Marketplace connects sellers to buyers and brokers, offering greater certainty of close than any other CRE auctions platform.
USPs of the website –
- Dedicated Admin Panel for Buyers, Sellers and Brokers
- Advance filter options available to search properties
- Multiple auction types available
- Their auctions are valid across the nation
- Safe and secure transactions
- Crexi.com
Crexi was launched in 2015, it is an innovative platform unlike many other auction sites, it offers properties which are being auctioned by the third parties that relatively increases the number of auctions which can be viewed on the website.
USPs of the website-
- Closing usually takes around 30-45 days
- Their auctions are valid across the nation
- Auctions are included on the website may also be from the third-party services that can increase in the number of properties which are auctioned on the site
- Extensive help center are setup for the buyers with forum
- It’s am easy to navigate website
Drawbacks of the website-
- Buyers are required to be aware of the fees for the real estate auctions, which may be hidden
- The information provided by the third parties is generally not completed and require additional information
- Hubzu
Founded in 2009 having multiple locations across the globe, Huzbu is a website which sells residential properties and land. They also sell houses with traditional sales rather than just opting for online auctions.
USPs of the website
- Website generally shows the properties which are for selling via auction and traditional sales, elevating the number of homes one can compare and contrast online
- Closing generally takes around 30-45 days
- Their auctions are available across the nation
- The auctions included on the website may be from third party services
- The website is easy to navigate with the frequently asked questions
- Auction will note if the reserve price has been achieved
- A few auction have a “End Auction Now” button which allow a bidder to become the instant winner
Drawbacks of the website-
- Buyers are required to be aware of the various hidden fees for real estate auctions
- Only the residential properties and land are listed on the website
- Liens are not discovered for the property until the title search process initiates
- Loopnet
Loopnet is into the business for over 11 years and encourages buyers to utilize a real estate agent in order to help them through the entire process. Thus they’re considered as “Agent Friendly” in the world of auction. They’re currently selling residential properties, REO properties, lender approved short sales, CRE Auctions or land auctions.
USPs of the website-
- Closing generally takes around 30-45 days
- Auctions are offered across the nation
- Properties are usually sold with a clear title unless noted in the description, this mean that there are no possible liens or back taxes on the mentioned properties
- Sellers usually pay the title insurance
- Inventory listed on the website updates in real time
- Certain properties have a “Bid Now” feature active
- Properties are noted as “Reserve” or “Absolute”, wherein reserve mean that there is a reserve price which must be targeted for the seller to approve the final bid and Absolute mean that the property will be sold to the highest bidder no matter what the price is on the final day of auction
- The entire site is easy to navigate with the help of frequently asked questions
Drawbacks of the Website-
- Buyers are required to be aware of the various hidden fees for the real estate auctions
- It only shows real estate Hudson and Marshall is auctioning, no further details added
- Not all the auctions will be ending in the bid which is being accepted
- The feature “Bid Now” is the first come first served basis and the seller are taking bids in the order they are received, this means that a property may be sold long before your bid is even reviewed.
Bottom Line
Whether you’re planning for purchasing your dream house or looking for the best investment property. The buyers are required to do extensive research before placing the bid. While the first time auction buyers are well advised to use the services of a real estate agent.
