Real estate auctions have been used to sell commercial properties for years. Yet they are not just for commercial real estate anymore. With the way that the internet has changed our world, these online auctions are being utilized for residential properties as well. Get the inside scoop from experienced Yorkville IL real estate agent Lauralee McElroy.
One benefit of an auction when it comes to real estate is that it eliminates many aspects of the negotiation process. The seller sets the terms of the sale and every bidder must agree. There is no opportunity for discussion so the sale comes down to price. Whoever bids the highest, despite the value of the property, gets the sale. With the capabilities afforded real estate by the internet, auctions are possible for even residential properties. Keeping current is essential as a real estate agent in Yorkville IL.
A Simpler Process
When a home is sold via online real estate auction, the whole process is simplified. There are no visits, inspections, appraisal, or the like. The home is sold “as is” and the seller and buyer both accept those terms. As Yorkville IL Realtor serving buyers, it is evident that there are obvious drawbacks to this. The risk is that the house will require so much work that it won’t be worth the price that was paid. Nonetheless, risking quality for a simplified process is worth it to some.
If you so choose an online auction when buying a home, there are a few things to remember. First, gain as much information as possible. Seek the advice of your qualified Yorkville IL real estate agent for a list of things you can investigate. Disclosures and physical observance of the property are a few avenues to take. Second, make sure you are financially prepared to close the deal. Get qualified for a loan and be prepared for all of the costs involved in buying a home. Last, determine the highest amount that you are willing to spend. People can get carried away in an auction situation. Know your limits and stick to them.
For help with all of your real estate needs, contact Yorkville IL Realtor Lauralee McElroy. Her expertise and years of experience provide value for a vast array of real estate applications. Let her knowledge and experience work for you!