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What if my buyer backs out?
REI Auctions Blog By Tom Wood on11/25/2008 1:39 PM

Another common question from Realtors is "What happens if the winning bidder backs out?"

Since online real estate auctions are legally bidding, it's not much different than a standard written purchase contract.  The TERMS on a written contract spells out what happens if the buyer defaults.

You can setup the TERMS on your online real estate auction to define what is expected if the winning bidder defaults.

When a buyer defaults, it's up to you on whether you enforce the TERMS that you state.

The key is to have terms that are not too strict to scare a person from bidding, but also not too unrestricted so it isn't taken seriously.

In summary, you, as the lis ...

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What is your reserve price?
REI Auctions Blog By Tom Wood on11/19/2008 6:12 PM

The most common question asked by a bidder during a real estate online auction is "What is the reserve price?" In other words, what is the bottom line price you will take?

Would you ever tell someone your bottom line price when you're selling a property?

I hope not.

If you do, you've just lost all power to negotiate.

I'm surprised that about 20% of the seller's using our system disclose their reserve price when asked this question.

To me, it doesn't make sense to tell anyone your bottom line price, especially when bidding is open.

Instead, I think it's better to respond to that question by inviting them to submit the highest amount they will pay. ...

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Does an auction mean I failed?
REI Auctions Blog By Tom Wood on11/13/2008 9:49 PM

Sometimes real estate agents stay away from using auctions because they think it makes them look bad. They think that they are raising their hand and saying "I failed selling this property the traditional way and I'm forced to try an auction".

This is far from the truth. Yes, an auction is often used in a desperate situation, but it doesn't need to be that way.

A real estate online auction is simply a great way to accelerate the sale, while automating the negotiation with several buyers at the same time. It gives the Realtor the ability to be in control of selling their listings.

It's a "slight edge" that a Realtor can use in any market.

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Short Sale - Need an offer?
REI Auctions Blog By Tom Wood on11/8/2008 11:01 AM

In order to avoid foreclosures, lenders are often willing to discount what is owed on a home. This is known as a short sale and it is offered in situations where the homeowner can no longer afford to stay in their house.

The reason lenders are willing to do this is because it can be less expensive than foreclosing and taking the home back.

This situation happens a lot and the homeowner is usually told by the lender bring me the best offer you can and we'll see what we can do.

What's the best way to get an offer?

Many agents list the property in the MLS and in their description they indicate it's a short sale situation. Then, they wait. They usually need to lower the price several times before someone finally makes an ...

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Online bidding gets the conversation started
REI Auctions Blog By Tom Wood on11/7/2008 10:13 AM

In a sea of homes for sale it can be difficult to get buyers interested in your listings. 

But what if you did something a little different? Something that very few agents are doing?  Something that makes your listings stand out, and gets buyers to make the effort to view it?  Something that makes it easy for buyers to make an offer and get the conversation started?

This something is online bidding a.k.a online auction.  Many agents are afraid of the "A" word so to better explain it, I call it online bidding. 

The concept is simple, market your listings in a manner that attracts attention by starting the price low, but makes it easy for interested buyers to make offers online.  This cre ...

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Putting a house up on the auction block
REI Auctions Blog By Tom Wood on10/11/2007 12:25 PM

I just found this very interesting article today on CNN Money.com

NEW YORK (CNNMoney.com) -- As more and more people get frustrated with the sluggish housing market, people who want to sell their homes are looking at a different tactic...auctioning off their home. We'll tell you what you need to know if you're thinking about putting your home on the auction block. According to the National Auctioneers Association, residential real estate auctions are on the rise. From the time the group has started collecting statistics in 2003, growth of residential real estate auctions have grown almost 40 percent.   To read the rest...

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Auctions Catch On As a Way to Sell Houses
REI Auctions Blog By Tom Wood on10/11/2007 12:24 PM

I just found this article today on CBS News. Very interesting!

(CBS) When the real estate market is as slow as it is now, homes can sit on the market for months. But auctions, both online and in-person, are emerging as a fast sales option. In fact, an online auction could even sell a house in minutes! Early Show financial guru Ray Martin explained how home auctions work, and when they can be a good choice for buyers and sellers, on the program Thursday. To read the rest...

Interested in learning more? Pick up our FREE report: 7 Benefits of Online Real Estate Auctions

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Benefits of Auctions - Real Estate Agent's view
REI Auctions Blog By Tom Wood on9/7/2007 8:55 PM

Here are some of the benefits of Real Estate Auctions from a Real Estate Agents point of view.

  • Agents have more sales options available instead of just MLS listings.
  • Agents can develop their own market niche, by offering auctions.
  • A property can be sold relatively quickly and sellers know the day it will close.
  • Auctions get a property noticed by many interested people and will generate a list of ready, qualified buyers.
  • Auctions bring people in and they will notice the agents other listings, not just the auction listing.
  • Successful auctions will result in referrals.
  • Auctions can be marketed as events to generate excitement and interest in a property.
  • Auctions give buyers a sense of urgency to act.
  • Auction buyers are usually pre-qualified and the highest bidder ...
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The benefits of a Real Estate Auction - Sellers point of view
REI Auctions Blog By Tom Wood on9/7/2007 8:55 PM

Here are some of the benefits of using a Real Estate Auction from a seller's point of view.

  • Auctions create competition among buyers. Consequently, the auction price can exceed the price of a private sale.
  • An auction generates excitement and heightens buyer interest.
  • An auction gives the property the most exposure in the shortest period of time and accelerates sales.
  • The auction process provides 3 opportunities to sell - before, at and after the auction.
  • Auction brings interested buyers to a point of decision - they must act now or lose an opportunity to purchase the property.
  • Auction is a true market forum.
  • The seller controls the auction process - they plan and select the date they want to sell.
  • The seller sets the terms and conditions of the sale while maintaining controld of the pr ...
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Do auctions really work?
REI Auctions Blog By Tom Wood on8/20/2007 9:57 AM
“Do online real estate auctions really work?” is a common question from sellers who are new to using online auctions to market a property. The answer: Yes, they do work! If they didn’t work, we would be seeing a decline in online real estate auctions and instead we are seeing an increase. 
Prior to the popularity of the Internet, only live auctions were available. A live auction is successful in drawing attention, but they require coordination, advertising and auctioneer fees. It’s not uncommon for a seller to pay thousands of dollars upfront and it doesn’t guarantee a property will sell. Live auctions are still successful today and there will always be a place for them.
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