Best Real Estate Auction Sites

Best For Real Estate: Auctioncom

Auction.com

We chose Auction.com as the best real estate online auction website because users can buy bank-owned and foreclosed homes at auction prices. Some listings have bids starting at just $1, and some properties arent for sale yet but are likely to head to auction.

• Many deals close within five weeks

• Offers a mobile app

• Access photos and local market data for each property listed

• Properties sold as-is

• Most listings are cash-only

• Some listings require the buyer to pay a buyers premium of 5% or $2,500, whichever is higher

With 6.3 million registered buyers and $52 billion in sales to date, Auction.com is a leader in the online real estate space. It operates in all 50 states and helps buyers purchase foreclosed, short-sale, and bank-owned residential properties quicklymany deals close in a little over a monthmaking it the best for real estate auctions.

Most vacant properties have photos of both the outside and the inside. Occupied properties dont usually show inside photos, and instead share outside and aerial views.

Each listing is sold as-is, so a buyer should perform due diligence before bidding on a property. They should also secure financing before bidding because closing can happen quickly, often in under five weeks.

Not all properties have a buyers premium, but there is always an earnest money deposit. You can filter the listings to avoid a property with a buyers premium.

What Are The Most Popular Online Auction Sites

The most popular online auction sites include eBay, eBid, Sothebys, Copart, Auction.com, and GSA Auctions. Most of these sites offer free buyer registration and allow winning auctions to be paid for with credit, debit, money orders, and cashiers checks. Some even provide in-house financing options.

The Best Property Auction Sites In The Uk

Buying and selling with online property auctions, sometimes called ‘modern method’ or ‘conditional auctions’, is the new way of buying and selling that’s becoming more popular and its easy to see why. Its quick, it’s transparent and there is zero chance of gazumping.

We compare all the main property auction sites in the UK their size, fees and customer ratings in our table below.

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Why Cheaper Can Be Very Very Costly

Imagine one auction house charges 1%, and another charges 3%. What if the more expensive one was so much better at what they do that theyâd get you an extra 5% on your sale price…

Suddenly, it’s obvious that going with the cheaper option would be very costly in the grand scheme of things.

Thatâs the way I approach property auction fees, and fees in general. Look at the bigger picture, rather than just the fee you’ll have to pay.

Iâve written more about this here:

My in-depth guide on property auction fees will be coming soon. I’ll add a link in here when it’s done!

Check For A Lease Agreement

Also check the Conditions of Sale to see if theres a lease agreement in place. If there is a tenant on the property, that agreement must be honoured.

When youve pinpointed a property that youre interested in, ooba Home Loans South Africas largest home loan comparison service, can make it easier for you to ensure you have the necessary funding, by prequalifying you as well as assisting in the home loan application process. Start off with their home loan calculators then use the ooba Bond Indicator to determine what you can afford. Finally, once youve secured your dream property, you can apply for a home loan with ooba Home Loans.

Get prequalified for a home loan today

DIY with our online prequalification tool, or speak to an expert.

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Be Prepared To Seal The Deal

Be absolutely sure of your bid strategy because if you secure the winning bid at an auction, theres no going back. That gavel coming down seals the deal and you will also be liable for outstanding municipal rates and levies, if the seller has fallen behind in their payments. Thats how property auctions work.

How Many Auction Houses Are There To Choose From

First, letâs take a quick look at the landscape of the auction house market.

The property auction industry is different than the estate agent industry. According to data from Office for National Statistics, there were over 20,000 estate agent branches in the UK as of 2017.

Each estate agent generally only covers a small area, and lots of agents compete in each spot. So it takes thousands of branches to cover the whole country.

Auction houses cover much wider areas though, so there are far fewer of them.

In fact, according to our data around 80% of all auction properties are sold by just 25 auction houses.

Picking the best out of this bunch is still a tricky job though. So where do we start?

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Buyer Expectations When You Win An Auction Home

If you do find the right home and win it at auction there are some expectations you can plan to fulfill. For example, you may have to prove your ability to pay for the home you win either by providing proof of funding or a reference letter from your financial institution.

You are also expected to understand that you are purchasing a home ‘as-is, where-is’ unless otherwise stated. This means no matter the condition of the home, you are solely responsible for repairs and updates.

You may also be purchasing an occupied home and, once the sale is complete, you will have to go through eviction proceedings at your own expense before you can take possession of the home.

Finally, some states have Right of Redemption laws you must adhere to. These laws state that the owner from which the house was foreclosed has a given amount of time during which they can catch up back payments and pay a fee to regain ownership of the home. Any repairs, changes, or updates you make during that time do not have to be reimbursed to you.

Best For Auto: Copart

The best online auction website for autos is Copart because you can buy vehicles for parts or in drivable condition 100% online and have the vehicle shipped to you. Many of its listings dont require you to have a dealer’s license to purchase, which means ordinary buyers can bid on a vehicle.

• If a listing requires you to have a business license, brokers or authorized representatives can bid for you

• Individuals, businesses, and dealers can buy and sell vehicles

• Offers both clean and salvage titles

• Must have a membership to bid on a vehicle

• Fees can be high

• It takes effort and consistency watching auctions to know whats a good buy

There are more than 175,000 vehicles on Copart, which is an online auto auction site operating in 11 countries. It gets the nod for the best site for auto auctions because individuals, businesses, and dealers can buy and sell used, wholesale, and salvage cars, exotics, trucks, boats, ATVs, and SUVs. You can even buy and sell freightliners. Both clean and salvage titles are available on the site.

Each listing provides detailed descriptions, photos, and conditions of each vehicle. There also is a calculator to determine shipping costs to your location. Its not clear where Copart will ship, but there is a fair chance youll have to secure third-party shipping or pickup.

There are three memberships available, and you must have a Basic or Premier package to bid:

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The 7 Best Real Estate Websites Of 2023

Zillow is the best real estate website to help you buy or sell your home

We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

According to the National Association of Realtors Profile of Home Buyers and Sellers, 51% of buyers found the home they purchased on the Internet. To put this in perspective, only 28% found the home they bought through their realtor, and 4% from a yard sign.

Real estate websites are attracting so many visits every month because they are adding value for both buyers and sellers. Buyers can preview hundreds of homes within a few hours from the comfort of their couches. Home sellers win, too their homes are viewed by hundreds of shoppers in the market looking to buy a new home.

These websites update listings quickly and accurately, provide a variety of tools for buyers and sellers to obtain the best information, and streamline the buying and selling process to make it more efficient.

We reviewed 18 real estate websites based on the ease and performance of their search functions, the support features they offer, and their costs. Buying and selling a home can feel overwhelming without wondering which website to use. To give you a head start on your journey, weve selected the best real estate websites for your needs.

How Can You Tell If An Online Auction Site Is Legit

Before buying and selling on an online auction site, look at its reputation. You can usually find real reviews on social media sites like Reddit or Facebook. Legitimate auction sites offer privacy, security, and dispute resolution.

Its important to understand that while an online auction site might be legit, there are unscrupulous buyers and sellers on most platforms. Check seller reviews before bidding on an item, and if youre a seller on a platform that allows buyer reviews, like on eBay, look at their reviews, too.

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Key Takeaways On Auction Reviews

• Because very few customers leave reviews, and because online reviews can be easily scammed, itâs a bad idea to simply go with the auction house with the best reviews.
• Make sure the reviews youâre looking at are for the companyâs auction service not for their related estate or letting agency.
• Even if youâre selling a property, pay attention to bad reviews from buyers. It probably suggests the company could have questionable ethics â which can affect you too.
• Donât be swayed by a high average score. Look at the bad reviews, and make your own mind up whether or not youâd trust the company.

Be There With Anywhere Auctions’ Start

Our ground-breaking new platform streams Australian property auctions online and lets you bid from the comfort of your own couch. You never have to miss an auction because of time or distance again.

Whats more, our start-to-end service lets you research, watch and bid on auctions, as well as complete the purchase through electronic contract signing.

For a little more on how it all works, watch this video.

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How Do Online Auction Sites Make Money

Online auction sites make money through listing fees, advertising fees, and buyers premiums. Think of buyers premiums as a commissionits a price above the winning auction price. Youll usually find buyers premiums with online auction sites that use auctioneers. Other websites like eBay charge insertion fees, final value fees, and fees to upgrade listings.

Best For Heroes: Homes For Heroes

Homes for Heroes

• No free property information to browse

Homes for Heroes is a different real estate website model. Instead of offering a database of homes to browse, your first step with this company is to fill out an online form so one of its specialists can work with you on your goals. There is no mobile app.

If you fit into one of its career categories, Homes for Heroes saves you money by using its large nationwide network of realtors, lenders, and business services that have agreed to serve you with excellence and with a discounted fee.

Founded in 2002, soon after 9/11, Homes for Heroes launched its national brand in 2009. Since then, it has helped over 58,000 heroes save over $110 million in real estate transactions totaling more than $15 billion. Its network includes 4,400 real estate and mortgage professionals committed to serving this critical population. As a result, Homes for Heroes, Inc. has been able to donate over $1.2 million to heroes who need assistance through its nonprofit, the Homes for Heroes Foundation.

The savings add up. The company states that most people save at least $2,400, There is no fee to enroll the hero pays that price every day just by doing their job.

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Online Home Auction Sites

If you’ve made it this far, great! All that’s left to do is find the right online bidding site and start bidding on your next home. The following list includes some of the best online real estate auction sites for finding great prices on a new home.

Many of these sites and others will appear when you do a local voice search through your mobile device using the terms home auction near me or real estate auctions near me.

Fees Associated With Online House Auctions

When purchasing a home through an online house auction you typically don’t have to pay real estate brokerage fees, however, there are some costs specifically associated with online auctions:

• Buyer’s Premium: The fee the auction site charges for conducting the auction. This fee is usually between 5-10% of the final purchase price of the home, or it can be a flat fee of $1,000 or more. Most auction sites use both options with the buyer paying the higher of the two amounts.
• Transfer Fees: These fees can be $1,000 a more, depending on the site you choose to purchase through.
• Auction Service Fee: Some sites change this fee instead of a Buyer’s Premium. The fee can be $3,000 or more.
• Technology Fee: This is a fee charged to the buyer associated with the cost of operating the auction site. It can cost you an additional $200-$500.
• Earnest Money: This fee can be applied to the final total of the winning bid when payment is made or refunded to a bidder who doesn’t win the auction. It is a variable amount. Most sites require 5%-10% of the total winning bid as payment in earnest money with $2,500 or more being charged before you can bid and the remaining due within 24 hours of the auction end. In the event that you cannot pay the full amount of the winning bid in the required timeframe , you lose your earnest money.
• Additional Miscellaneous Fees, Liens, or Encumbrances: You could also be responsible for commissions, closing costs, tax liens, or other expenses at the time of closing.

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Find The Best Auction House Now

This is where we love to help. With the tool weâve built, weâre able to break down each local area and find the best auction house for your sale.

Itâs a totally free service, and Iâm in the office from about 8am-6pm most days.

for a free consultation. Weâll work through a fact find so I can learn about your situation, and I can put you in touch with the best auction house for your sale.

I hope you’ve found this article helpful. Give me a call now, and I can help with your next steps too.

Iâll leave you with a review from a reader, Ingrid, who did just that:

How To Choose An Auction Website

All auction websites arenât made equal. The following are the primary considerations when choosing a platform to auction your products:

i. Variety of Listings

The most important factor when looking for an auction website is to consider sites that allow you to list a wide variety of stuff.

As you shall find, some auction websites only deal with specific kinds of products, such as automobiles, home appliances, or jewelry.

Fortunately, there are numerous platforms where you can list just about anything, from clothing and jewelry to cars, machinery, and even a piece of land.

ii. Availability

Availability is another crucial factor when choosing an auction platform. Your best bet is to opt for auction sites that are available worldwide. Or, at least, nationwide.

A wider availability ensures that your products are visible to as many users of the platform as possible.

iii. Security

Auction websites are fundamentally online retail outlets. Which means that these platforms register numerous financial transactions on a regular day. Therefore, itâs only logical to choose a website that takes your security seriously.

For starters, consider auction sites that have Secure Socket Layers certificates. With SSL certificates, you can be sure that the website is the original and authenticated version.

In addition, choose a platform that uses 2-factor authentication . 2FA reduces the risks of losing your sensitive personal or financial information to hackers.

iv. Pricing

v. Payment Methods

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Understanding Online Real Estate Auctions

Online real estate auctions usually take place because a seller wants to sell their home to the highest bidder as quickly as possible or because a bank has foreclosed on a home and wants to get the highest sale price possible for the home to reduce the amount of loss the lender suffers.

Regardless of whether an individual or a lender is auctioning a home, that auction will fall into one of three categories:

In all cases, once an auction is complete the seller must approve the winning bid. That approval can take 15 days or longer, and in some cases can result in the house being re-auctioned in an attempt to increase the amount of the winning bid.