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Online Real Estate Auctions - FAQ's
REI Auctions Blog By Tom Wood on4/29/2009 10:33 PM


After 14 years of working in the computer industry, I was naturally drawn to the concept of online auctions when I got involved in real estate. I've spent the last 4 years using online real estate auctions and here are some more answers to common questions about them.

Q) Aren't auctions just for properties that need a lot of work?

A) No, not anymore. I'm starting to see auctions for brand new properties from builders and banks who just need to get rid of them. Owners of any type of property, who are motivated and must sell quickly, are turning to auctions for a solution.

Q) ...

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Real Estate Online Auctions - FAQ's
REI Auctions Blog By Tom Wood on4/15/2009 8:42 PM

I've spent the last 4 years using online auctions to market and sell real estate. During that time, I've encountered a lot of confusion from both buyers and sellers. Here are some answers to some frequently asked questions.

Q) Will an auction force me to sell too low?

A) No, not if you set it up correctly. There are 3 main types of online auctions. If you use a Reserve Auction, you can set a hidden reserve price on the system and the auction will not be considered successful unless the reserve is met. If you use a Minimum Bid Auction, you don't set a system reserve but you can state in your terms that the winning bid is subject to seller approval (This type is c ...
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Online Auction "Jolts" the Hamptons
REI Auctions Blog By Tom Wood on4/2/2009 9:11 AM

Two weeks ago a couple of brokers in New York had great success running an online auction for properties in the Hamptons.

Here are some highlights from an article published after the auctions ended. A link to the full article is at the end....

A Prudential Douglas Elliman-sponsored online auction, run by brokers Vince Horcasitas and Enzo Morabitohas has helped bring buyers back to the market.

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It's a great time to be a buyer!
REI Auctions Blog By Tom Wood on3/25/2009 1:17 PM

There is no doubt that there are great deals to be had in today's real estate market.

Motivated sellers, low interest rates and government incentives of up to $8,000 for first time home buyers are just a few of the factors that are turning the market around.

I heard today that we are starting to see a big increase of first time buyers hit the market. That should have a ripple effect all the way up the line.

Buyers are even finding deals in places like The Hamptons, New York.Check out this article for more details.

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Auction.com for $1.7 million - Are you serious?
REI Auctions Blog By Tom Wood on3/18/2009 1:06 PM

REDC which is famous for the real estate foreclosure auctions going on in ballrooms across the country has just bought the domain www.auction.com for $1.7 million.

To me that indicates, 2 things:

1) REDC is doing extremely well with their auctions.

2) REDC believes real estate auctions will continue to grow as an effective way to sell real estate quickly. (I agree, and see it as an opportunity for local agents to piggy-back on their success)

To read the entire article, click here.

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Online Auctions in the Hamptons
REI Auctions Blog By Tom Wood on3/11/2009 1:44 PM

Here is a link to an interesting article about a progressive real estate office in New York using online auctions to move their listings. If they can make it work in the Hamptons, you can make it work in your market!

Read it here:Hamptons under the Hammer

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Is the media helping you market?
REI Auctions Blog By Tom Wood on3/5/2009 10:41 AM

Everyday we hear the "doom & gloom" of the economy from the media. Even if there is something positive, they tend to put some sort of negative spin on it.

Real estate is talked about continually, foreclosures, loss of equity, homeowners in trouble. It makes it kind of difficult to sell properties in today's market...Unless, you use the media to your advantage.

The media often shows some of the great deals buyers are getting on real estate. As a result, buyers are starting to come back in the market, but are easily overwhelmed with the choices.

That's why you need a way to stand out to these buyers, and an auction does that.

Real estate auctions are growing fast, because they attract buyers and ge ...

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Online real estate auctions...Do they really work?
REI Auctions Blog By Tom Wood on2/19/2009 3:07 PM

“Do online real estate auctions really work?” is a common question from anyone new to using online auctions to sell a property.

The answer: Yes, absolutely they work! That's why were seeing a huge shift of auctioneers and real estate agents to adjust their selling strategies and start using them.

Prior to the popularity of the Internet, only live auctions were available. A live auction is successful in drawing attention, but they require coordination and there's a substantial marketing cost involved.

Today, however, the Internet has made the auction process available to more people and is changing the real estate auction industry. An online auction can be just as successful in drawing attentio ...

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Will online auctions work in my area?
REI Auctions Blog By Tom Wood on2/11/2009 9:12 PM

One common question from real estate agents who are new to online auctions: "Will it work in my area?"

The answer is that as long as people in your area have access to the Internet, than yes it will work. If people have no access or only slow dial-up than it will still work, just probably not as well.

Even if no one locally has Internet access, which is rare, you can still reach a world-wide audience of buyers and you just never know who may be interested.

The Internet is a powerful medium, and an online real estate auction will help you reach the most buyers possible in the shortest amount of time.

So, yes an online real estate auction will most likely work in your area! The real question is, will you be the le ...

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Online real estate auctions, what are the advantages?
REI Auctions Blog By Tom Wood on2/4/2009 2:27 PM

The traditional way of selling properties involves listing in an MLS, doing some advertising and maybe holding some open houses. It works okay if you have lots of patience, but how do you stand out from every agent with every property doing the same thing? How do you create a sense of urgency for your buyers?

This is where online real estate auctions come in. They provide a great option for you to sell your listings. It minimizes the hassles of prospects visiting the house frequently at untimely hours as well as attracts more buyers than any other method of selling.

Here is a lis ...

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