Welcome To Online Property Auctions Scotland
Fortnightly online property auctions. Bid live, in real time on Residential and Commercial Property and Land.The quickest and simplest way to buy property in Scotland is with Online Property Auctions Scotland! Register with us today to get full access to the auctions, property details and further membership benefits.
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.
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.
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You Might Encounter The Bitter Sting Of Redemption Laws
If the property is located in a right of redemption state, homeowners may be able to reclaim their property even after the auction is over. By paying what they owe on their mortgage or property taxes even after the foreclosure sale, they can reclaim their home up to 7 months after the sale. If the right of redemption is exercised, the lender will compensate buyers for their losses.
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Desire To Sell Quickly As
If a homeowner wants to sell their property as-is, they may choose to sell it at auction. Listing the home on an auction site and selling it to the highest bidder is usually faster than listing the house on the market.
Some sites feature luxury homes that cost between $2 million $40 million. These owners usually want to move quickly and without showing their homes. However, the properties sold as-is in online auctions are much more likely to be homes that are in worse condition and require a significant amount of repairs or improvements to be made. By putting these homes up for auction, the seller increases their chances of selling quickly to aspiring house flippers who search for properties to flip at auction rather than waiting for a buyer whos willing to take a risk on a fixer-upper through the traditional real estate market.
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You Might Get An Upfront Bargain
Many investors like auctions because they offer a real opportunity to find bargains that arent available in the conventional real estate market. However, these investors are often contractors or tradespeople who know how to fix even the most severe home problems. And in an online auction, theres no experienced real estate agent there to guide and warn you about potential issues.
How Much Does It Cost To Buy Through An Online House Auction
Online auction sites are usually compensated by charging fees for their services. Before you bid on anything, you should carefully review the information listed on the site.
This will help you understand what fees youll be charged. Online auction fees can include:
- Buyer’s Premium: This usually costs between 5 10% of the final purchase price of the home, or a flat fee of $1,000 or more.
- Transfer Fees: This fee is generally $1,000 or more.
- Auction Service Fee: The fee can be $3,000 or more.
- Technology Fee: An additional fee for using online services, usually costing around $200 $500.
- Bidding Deposit: A bidding deposit is a form of earnest money, and its applied to a bidders overall purchase price. However, this deposit is forfeited if the buyer fails to pay the full purchase price within the auctions time frame, usually within 24 hours of the auctions end.
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What Are The Best Online Auction Sites
The recent changes in the functioning of the art market, provoked by the global pandemic and economic shifts, moved a significant part of the sector online, with online auctions becoming the staple of the present workings of the market.
In the last decade, online auction sales increased significantly, but in the previous few years, due to the mentioned circumstances, the sector skyrocketed. In 2020, for example, the online auction sales from just the three leading auction housesChristie’s, Phillips, and Sotheby’sreached $1.05 billion, which is 524% up from 2019. The number of online auctions these houses organized is also significant and raised from 219 in 2019 to 644 in 2020. Compared to total sales, the online-only auctions participate with 14%, with Sotheby’s being the leader with 69.1% of the sales. The sector has also noted an increase in buyer confidence as average online-only prices are up 151%.
All these numbers suggest that the online market is continually on the rise, and we will definitely see more traditional auction houses joining the online race and more online auction sites appearing in the future. As the numbers increase, deciding who to follow and where to buy art online may seem daunting. Here, we bring you a selection of the world’s best online art auction sites to help you decide.
Los Angeles Modern Auctions
Los Angeles Modern Auctions is the West Coast’s premier auction house specializing in buying and selling Modern and Contemporary art and design. Present for 30 years, LAMA has organized over 85 auctions with 28,000 lots sold and over $140 million in sales.
The house was the first to specialize in 20th-century art and has an energetic and experienced team that helps present vetted works and grow private and institutional collections. LAMA also helped establish the market for some of today’s most celebrated artists and designers.
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Have Online Home Auctions Changed During The Pandemic
Before COVID-19, auctions were typically in-person events. Online auctions existed, but they werent as commonplace as they are now.
But once the pandemic hit, social distancing rules made in-person auctions impossible. As a result, online auctions and buying homes online as a whole have become increasingly popular over the last few years. Lets look at two of the main reasons for why thats the case.
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:
|$100,000 buying power per day|
|Bid on multiple vehicles at a time|
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Youll Be Competing Against Experienced Real Estate Investors
Auctions have traditionally been the domain of real estate investors, but online auctions have opened auctions to all types of buyers. However, youll likely find yourself bidding against these investors at some point.
For that reason, it can be helpful to watch a few online auctions before participating in one yourself. This will give you an opportunity to learn how they work.
Best For Business Equipment: Bidspotter
Buy and sell industrial, commercial, plant, and machinery equipment through BidSpotter, which is an online auction site dedicated solely to business equipment. Sellers are professional auctioneers, and usually have companies available to ship you your items after winning.
Its free to create an account, and you only pay for your winning item
Most auctioneers have rigging/removal/delivery companies they work with to get you your assets after youve won
Some auctions allow pre-bidding so you can participate even if youre not available live
To sell, you must be a qualified and licensed auctioneer or consign your items to one of their auctioneers
Some auctioneers require a deposit and buyers premium
You must register for each auction to view and participate
BidSpotter is owned by Auction Technology Group, which had 3,600 auction houses using its technology and listed 14 million lots in fiscal year 2021. Eight billion dollars worth of items sold per year makes it one of the largest online auction websites in the world. Its the best online auction website for business equipment because it doesnt cost anything to bidyou only pay for your winning item. The auctioneers can even set you up with a company to ship the equipment to you.
Categories of equipment available include:
- Agricultural equipment
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What Are The Risks Of Buying A Home Through An Online Real Estate Auction
There are many advantages of online home auctions, but there are risks to consider as well. Online auctions are usually navigated by real estate investors, who have experience with some of the common problems of online auctions. If youre considering buying a home to live in or an investment property of your own through an online auction, you should proceed with caution.
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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.
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.
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What Measures Do Auction Sites Take To Protect Buyers And Sellers
Most auction sites offer dispute resolution for buyers and sellers and limit what methods of payment are available. For example, most auction sites dont allow wire transfers but allow payment by debit card, credit card, or PayPal. The Fair Credit Billing Act helps protect buyers when using their credit cards.
Use the auction sites in-house communication system if available. This way, should a dispute arise, the site can see the exchange between buyer and seller. Never take communication or payment offline to avoid fees because that limits your protection.
What Are The Differences Between Online And In
For beginners, online house auctions are much less intimidating than in-person auctions. Some auction companies still run in-person events, but they have become less common due to COVID-19.
In-person auctions move quickly, and participants are expected to understand how it all works from the get-go. Most in-person auctions are conducted by auctioneers with an online presence, so readers should check for information about how to bid before they go. Online auctions, on the other hand, proceed more slowly. This gives potential buyers time to familiarize themselves with the auction houses rules and procedures and to participate in the process more comfortably.
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Best For Government Surplus Items: Gsa Auctions
When buying government surplus items, you want a legitimate website, and not one simply pretending to have affiliation with the U.S. government. GSA Auctions is a government website where you can buy Federal property like boats, helicopters, luxury vehicles, medical equipment, and even NASA Shuttle/Hubble items.
Its an actual government website
Use proxy bidding to indicate your maximum bid
Payments made to the U.S. Department of Treasury at Pay.gov
Must verify your information with Experian to register an account
If the auction doesnt meet the minimum reserve, you dont win the auction even if youre the highest bidder
Reserve price is never listed
GSA Auctions is the best online auction website for government surplus items because its an official government website run by the General Services Administration. Youre not paying a markup to a website pretending to be affiliated with the government. Every listing has a minimum reserve price, which means even if youre the highest bidder, you may not win the auction.
Because GSA Auctions wants to maximize the money earned, you will never know what the reserve price is. GSA Auctions returns proceeds to federal agencies and the Treasury.
There are no buyer fees, although some items may require a deposit to bid. You cannot sell items on this site because its only for government property.
Auction categories include:
How We Chose The Best Online Auction Websites
We looked at 28 online auction websites available and narrowed it down to the best options based on several features and considerations. We considered fees for both the buyer and seller, the sites online reputation, real customer reviews, and available categories. Some sites are free for buyers, and others require a membership to bid on items. Those membership fees should be reasonable.
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Online Property Auctions: A Faster Way To Sell
Online Auction provides all the benefits of buying and selling by auction, with eBay style online bidding. Rather than needing to wait until our next regional in-room sale, suitable auction properties can be offered online at any time, with exchange on the fall of the virtual hammer. For properties that are in good condition and mortgageable, these can be offered with an exclusivity arrangement allowing the buyer to secure mortgage funding before the exchange of contracts.
If you need to sell quick, Online Auction can provide you with the ideal way to guarantee receiving the very best price for your property. If you want to know more, contact your local team today!
COVID-19 Important Auction Information
COVID-19 Important Auction Information