The private real estate auctions will become one of the selling real estate strategies to be adopted - speaking countries. It is a matter of time and it is unstoppable for several reasons.
First, in today's real estate market, more than 30% of homes, offices, commercial premises, and even land, (depending on the country), are sold or bought directly without going through a real estate agent. In other words, potential buyers and sellers of real estate see the direct deal as a good alternative; not as a risk; so they would be willing to bid for real estate, (online and offline ), if the auction company, the system, and the organization of the auction are considered professional, legal and honest.
On the other hand, the strategy of real estate sale by auction cancels all types of negotiation on the price. Who is more alert, (you have to know how to search to find a property at a good price,) and whoever bids the most takes the property at a reasonable price.
Online Private Real Estate Auctions. The Case of Google.
This strategy of private real estate auctions is something that real estate agents must begin to take into account; since there are great business opportunities in this system. In the United States, this system of private real estate auctions has quickly superseded the MLS system of shared property sales and is partly responsible for its decline.
It all started when one of these real estate consultants learned that Google had acquired the largest real estate auction portal in the US, www.auction.com for 50 million dollars (38 million euros). Auction.com last year sold more than 7,000 million dollars in homes on this side of the Atlantic through its online auction system, similar to that used by eBay. Since 2007, the company has auctioned more than $ 26 billion in homes, offices, and other real estate assets.
Given these revealing sales figures, it is natural that private property auctions are the next marketing strategy in the sector in speaking countries. I say this because the Mexican company already has a partner in Buenos Aires interested in entering the business using the same software and the same bidding system.
When I speak of private property auctions, I am not referring to the court auction, bankruptcy or foreclosure properties. I am referring to the private auction organized by a private person who can be a real estate consultant, broker or the owner or owner company. The secret of this type of sale is the price, it has to be really attractive and attractive to capture the attention of more than one buyer. Very often it is about selling as 20% - 30% below the appraised value. The same auction house is in charge of making the appraisal, although the same owner of the property can also order said appraisal.
“The sale to the highest bidder has always been accepted, it is a very old sales system. Also called “auction” it is an organized sale where a certain product is sold to the buyer (the bidder), paying as much money as possible, although this is not always the case, sometimes, the one who wins the auction is the lowest bid, it is the case of reverse auctions or downward auctions ”.
The best known are the sealed envelope auctions, the dynamic descending auction, and the dynamic ascending auction (English). private real estate auctions are out of court, they are not judicial and they are public because everyone can have access to them.
| An Online and Offline Private Real Estate Auction System.
This system of private real estate auctions will have its boom online; although it will not be restricted only to the internet. The Mexican company is working, (from a legal point of view), to physically hold private real estate auctions in the main Mexican states.
Surprisingly, the market study carried out by the company and the advice they have hired in the United States, indicates that commercial properties (offices and premises) are the properties that are going to be sold the most under this online and offline modality. ; followed by luxury real estate.
Do not confuse private real estate auctions with current judicial or administrative public auctions organized by the state, notaries, courts, Social Security, or the Treasury. These bodies are in charge of taking up to public auction, mainly, real estate that has been seized, both by Public Administrations and by banks, individuals, companies, communities of owners, etc ... Public auctions of real estate from voluntary bankruptcies, confiscations, abandonments, or being an auction of property owned by the Administrations, that is, sales of assets.
The private real estate auctions are aimed at property owners find a buyer as soon as possible and selling their property for the highest possible price. The effective operation of the system is in the details. Success is guaranteed by applying the appropriate terms and conditions, and offering a buying and selling system that HELPS the owner and real estate agent sell and HELPS the client and the real estate agent who represents the buyer to buy. client.
“Another important aspect that will make this system success is the interface to be used and how easy and transparent it is to list a property for sale, bid on it, check its characteristics and pay for it. In addition, the percentage that the auction house retains is minimal, which makes this system of private real estate auctions very attractive ”.
| Private Real Estate Auctions and Paypal.
I am very confident in this system and the fact that has convinced me that it will be a total success are the facilities provided by the secure online payment system PayPal, to become the online bank of this Mexican company. Of course, I do not know the operational details of this private property auction system, (it is kept very secret), but I am eager to find out as soon as they come out.
That the real estate portals and those of other countries take note. The private real estate auctions come soon and many owners, potential buyers, and real estate agents prefer this auction system just to list the property for sale.
On the other hand, it should be taken into account that this private real estate auction system will allow you to upload photos, videos with virtual tours, and other details for each of your properties. Small real estate investors will find that this auction system suits them like a glove. And it may be a very good selling alternative for banks. Of course, it will be for real estate agents.
| Private Real Estate Auctions. Its Operation.
In general, the auctions that are being organized today by some real estate consultants or brokers gather several properties to auction them at the same time. The properties have a reserve price set, (the minimum set by the owner), below which there is no adjudication. These prices are made public well in advance of the Auction session, both to expedite the sale and to create competition.
The catalog. Before the auction, the organizing company provides all persons who request it with a catalog with general information about the auction and a detailed description of the properties. Along with the photographs of the properties, their description is published: the address, how much they cost, conditions of sale, the details of the contract, the forms of financing, etc. And also it facilitates l a person's name and a contact number to visit the property and inspect.
The detailed information allows you to check before attending the auction if the property is registered, review the general and particular conditions governing the sale, the Contract for Award and Delivery on Account, its compliance with the regulations, and the forecast of the expenses and taxes involved in the formalization of the purchase.
The catalogs of the private real estate auctions are published at least four weeks in advance of the auction date so that the potential buyer has the opportunity to check the conditions of the lots and their general characteristics. This formula guarantees the most correct information, speeding up procedures and advice.
The organizers of these private real estate auctions assure that, although it is a method of buying and selling real estate little known in countries, there are precedents in Europe that guarantee its solvency, as is the case in the United Kingdom. In that country, it has been operating for almost a century with a very wide market dimension.
The private real estate auctions are usually held in morning and afternoon sessions. At the beginning of the act, the auction manager announces the procedure and the rules of conduct required for the auction to function properly.
During the auction, all legal information on all the lots will be available to the public for verification. The sellers' lawyers will also be present to answer any questions that may arise.
Properties usually go up for auction every five minutes or so. Once the highest bid is received, the auctioneer will repeat it three times and, if there is no higher bid, will award the property to the highest bidder. It should be remembered that the properties that go up for auction have a reserve price assigned, below which it will not be awarded.
When a person is awarded a property, they will have to deliver at that time 10% of the amount in which the lot has been awarded, as a sign of the public deed of sale that will be held within a period of 30 days. The organizer of the private real estate auction will deliver the Award Document and Delivery on account, a receipt signed by the successful bidder and by the company on behalf of the seller.
If a person cannot attend an auction in person, they have two possibilities: the telephone bid, by which through a power of attorney the auctioneer is authorized to bid on their behalf following telephone instructions; and the direct bid, through a power of attorney document that authorizes the company to bid on its behalf for the lots and amounts indicated in the power of attorney.
As you can see, private real estate auctions will give a lot to talk about. I recommend that you start thinking about how you can take advantage of this great cake. There is money here, especially for the first ones!
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