Is On Line Bidding a New Trend ?
October 26th, 2009 categories: For Buyers
By:
Betty Cunningham
Re-Max Realtor and Staging Lady
A new trend in Real Estate is “On Line Bidding” . What is “On Line bidding” ? They are Real Estate Websites that allow Agents, Buyers, Seller, Asset Managers, a way to promote Bank Owned property for sale. These sites allow a buyer to view a listing of the property on line and submit an offer and track that offer until it is accepted on line.
After an offer is accepted on”On Line Bidding” sites the paper work is very much like a traditional real estate transaction and will require you to be involved with a Realtor.
It should also be stressed that ” On line Bidding” does not replace the advise of a Realtor. Remember buying a home is an emotional process and “On line Bidding” just like Real Estate Auctions can have buyers make higher offers than is necessary or more than what the property is worth.
The use of these on line services should be used with caution and are not without cost to a buyer. Realty Bid usually charges a $2,400 00 transaction fee to the buyer and OfferSubmissions.com charges a $300.00 non refundable fee per transaction in addition to a penalty of $100 a day if the closing is delayed.
Right now one of my buyers has an accepted offer on a property which was listed with Coldwell Banker but the offer had to be submitted www.OfferSubmissions.com. We are scheduled to close on November 13, 2009 and I will let you know how that works as a follow up to this blog article.
