Online Auctions: Not for the Faint of Heart
Very interesting blog that I came upon regarding Online Auctions.
These auctions have been conducted by banks and a few metro areas as way to get rid of distressed/foreclosed properties.
This article discusses a bit if this will be the wave of the future. I wonder if it will as there are numerous pitfalls for the buyer and a seller.
One particular pitfall for a buyer is the lack of interaction with the seller and waiting for an arbitrary date for a reply. On a foreclosed property that has a built in assumption that a buyer must wait for an answer due to bank involvement is one thing. But for a buyer to
wait 10 or 30 days or such time frame to know if they won the bid may not be as acceptable if the deal is a great savings to the buyer.
Time will tell! But read and learn!
Online Auctions: Future of the Housing Market?