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Buying a home at auction: Auction.com

You’ve probably heard of auction.com at some point, but what exactly is it? It’s dubbed itself the “nation’s leading online real estate marketplace,” and since it sold its first property back in 2007 and launched its online platform in 2008, it’s sold more than $26 billion worth of over 100,000 properties. Those are some pretty big numbers when you break it down, especially by year. It works out to approximately 14,286 properties and $3,714,285,714 annually over the past 7 years. To date, they have over 1.2 billion registered users across the globe.  Technology has made the home buying process much simpler and convenient.  A prospective homeowner is no longer required to be physically present at the location thanks to sites such as auction.com.

They’ve come quite a way since their start. Based in Irvine, California, it’s clear that auction.com has made its mark on the real estate world. They now have over 20 million page views per month, have buyers from more than 100 countries, and have additional offices in Silicon Valley, New York, Frankfurt, Berlin, Madrid, Miami, Plano, Austin, and Newport Beach. Its valuation is now at a whopping $1.2 billion after a $50 million investment from Google Capital in March 2014. In another big move, auction.com brought on former Yahoo CFO Tim Morse in May 2014.

The auction.com website offers a large amount of properties and a powerful search interface.
The auction.com website offers a large amount of properties and a powerful search interface.

They offer up a multitude of real estate, and if you’re looking for a specific type of property, chances are you can find it here. Should you desire to buy, in addition to standard residential homes, they also have foreclosed homes, short sale homes, commercial real estate, land, and bank owned homes.  At auction.com, a potential homeowner will find a large number of homes.  The homes on the site will usually number more than 15,000 at a time.  To make the search simpler, all that a person needs to do is search a property based on location, price range, or type of home.  Single family residence, condominiums, multi-family, bank owned homes, are just but a few of the options available.

There are several financing options that may be availed to a qualifying bidder.  Auction.com can connect the buyer of an auction property to a mortgage or financial institution.  This is property dependent as some properties may not be financeable and will require cash to purchase.

The online marketplace is quite user-friendly.  A first time home buyer as well as an experienced property buyer will find the site simple and well-laid out.  Additionally, there are a number of videos, which guide an interested buyer or seller on how the site works.  The videos are especially handy for a new or inexperienced person and are readily available.  This not only makes the website interactive, but also helps the buyers and sellers close a deal easily and much faster.

If you want to sell, they deal with both residential and commercial properties, however, they only sell properties in groups of ten or more, which means if you have a single home to sell, this isn’t the site for you. To date, they have over 2,000 bank owned properties available in almost every state in the United States. While the majority of their auctions take place online, there are some that are in-person. Should you decide to sell on auction.com, you’ll set the reserve price, they offer a compressed closing schedule, and you won’t pay any seller fees. The site also boasts that you can go from listing to close in as little as 45 days.

If you have bulk properties to sell or you’re interested in purchasing real estate, check out auction.com to see if they offer what you’re looking for.  An individual looking to own a home in a stress-free manner will find auction.com quite ideal.

 

Visit Auction.com’s Website

Author:  TJ-Google+

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