Saturday, November 2, 2013

Online Auctions: Future of the Housing Market?

                  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?
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