Online auctions are now rising in popularity, with more and more buyers choosing to bid from the comfort of their own home, or on the go. Whether you’ve got too many social and family commitments to attend an auction across the country in person, or you’re a busy investor whose time is limited, online property auctions can have many benefits.
Firstly, many buyers love auctions because of the transparency of the process, and online housing auctions are no exception. When you bid online you can see all the other bids on the table, and you’ll often know the guide price for the property in advance.
This means that you know the position of other online or in-person buyers, and can use their bidding to inform your own decisions. Real Auction hosts online and in-person auctions across the UK.
Another reason why online auctions are so popular is because of the opportunity for a great deal. Often, properties sold at auction need a significant amount of refurbishment. This means that they come with a great potential for making money, and can be sold quickly for below market value if other buyers are put-off by the amount of work needed. Legal issues regarding planning permission or leaseholds can also put-off buyers, resulting in the opportunity to snag a bargain.
One of the most crucial differences between bidding at online housing auctions in comparison with bidding in person is the competitive aspect. Often, bidding in the same room as others who want the property can result in heightened emotions and an increased pressure.
This is not the case for online auctions, where it is much easier to detach the emotion from the bidding process. After all, at online property auctions your competition are just numbers on a screen, rather than a person in the flesh. Reduced pressure enables buyers to keep a cool head and make more rational decisions.
Often, online property auctions come with an increased deadline for deposit payments, proof of identity and proof of finance, because you’re not actually attending the auction in person. This can make the auction process much more relaxed that it would otherwise have been.
Auctions are known for being quick, and this is also the case for online property auctions. Once the hammer falls, there is a period of time during which completion must take place. This is usually 28 days but can vary from one auction to another.
One of the biggest advantages of buying property online housing auctions is the ability to do it from the comfort of your own home, or indeed anywhere in the world. Not only is this more relaxing and so is conducive to more thoughtful decision-making, but it is also a great option for busy people.
If you’re traveling, have a family to care for, aren’t local to the auction house, or are constantly hopping from one meeting to the next, then an online auction is a great way to purchase property without the hassle of attending an in-person auction.