Online Property Auctions in Cyprus & Europe

It’s no secret that more people are buying through online auctions, and real estate is no exception. Large numbers of properties are still sold through traditional methods, but for today’s buyer and seller there’s much to like about online property auctions.

You may be familiar with the scene of foreclosed homes being auctioned in hotel ballrooms. Some property buyers prefer this environment; but years of conducting online property auctions have taught us that many people prefer to do their buying and selling of properties online. Let’s look at some of the reasons.

Benefits of Buying properties at Online Property Auctions

For millions of bidders, it’s the ultra-convenience and a feeling of being in control that draws them online. During the auction period, which lasts from days to several weeks, bidding can occur 24 hours a day from any computer with Internet connectivity. That means potential buyers can bid from home, the office, an airport, a restaurant—virtually anywhere and anytime.

Contrast this with the craziness and inconvenience of a jammed hotel ballroom. Then consider the privacy, anonymity, and easy availability of an online property auction—for many there’s simply no comparison.

Online property auctions present a special opportunity for investors who are looking for undervalued properties or properties that will be on-going income producing assets. Bidders can start by viewing properties from all over the world or can look at numerous options in a location of their choosing. They can consider thousands of opportunities instantaneously, many miles away, and quickly identify properties that fit their investment needs.

Sites rich with information let bidders assess the value of a property. Good online property auction sites allow bidders to easily get information about comparables and about a home’s proximity to places in the area that matter. Strong online property auction sites provide potential bidders with extensive information describing the essentials of any property they are considering. Sites may also have a link built in allowing bidders to communicate with potential sellers. Many homes posted for auction even hold open houses.

Online property auctions listed can be paired with an estimated market value, detailed comparable sales and a history of liens and loans against the property. You can also search for other properties listed for sale in the area as well as to view a map displaying foreclosure properties in the vicinity.

Leading online property auction sites even make management of settlement available online.

Another aspect of participating in an online property auction is exhilaration. As online property auctions draw to a close, and the pace of bidding picks up, there’s an element of genuine excitement. 

Benefits of selling properties at Online Property Auctions

There are many advantages to an online property auction, but sellers find one aspect particularly appealing. Online property auctions happen relatively quickly. A “preview” of the property will be available online followed by the bidding period. Total elapsed time for both preview and bidding is three to four weeks. The old saying, “time is money,” rings particularly true when an owner absolutely has to sell a property.

Here’s where the appeal gets even stronger. Unlike traditional auctions, online property auction companies charge only a nominal amount to list a property. The seller pays a fee only when the property sells. During times marked by an overabundance of supply and an under- abundance of buyers, this is comforting to sellers. An online real estate auction is a no-risk method to move property quickly.

Online property auction can attract far more bidders online. After all, online real estate auctions can be accessed by anyone in the world and millions register to bid on real estate in online auctions. 

If the property is priced right, there should be bids — each one higher than the last. Quite different from a traditional sale through an agent where the price is set high and offers usually start below the asking amount. If the property doesn’t sell, the owner will learn a lot about how to set the property’s reserve price. This will help the seller adjust pricing accordingly, whether they list the property with an agent or try another online real estate auction.

Sellers with large pools of properties can place a small number in auction and judge the effectiveness of online property auctions relatively quickly. The managers of good online real estate auction sites often work with sellers to move property. Say the highest bid received is just under the reserve price, but the customer service managers for the auction site know how badly the seller wants to sell the property. At the conclusion of the auction, a customer service manager quickly confers with the seller and then contacts the high bidder. Often this final personal touch is able to satisfy both the seller and the buyer.

Above all, both buyers and sellers must remember that the company holding the online real estate auction does not own the property. They simply provide the marketplace to bring sellers together with as many qualified buyers as possible. Their interest is to satisfy both parties.

With convenience, speed, and the power of the Internet, it’s easy to see why millions of real estate buyers and sellers say online property auctions bring unmatchable value.

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