Is the future of the Metro Atlanta housing market going to see online auctions become the norm? The growing popularity of these online marketplaces could potentially transform the way real estate is bought and sold.
Much like their offline counterparts, these auctions often involve selling foreclosed homes. However, the number of auction sites offering to buy and sell non-distressed properties is growing as well. Unlike traditional foreclosure auctions, the entire bidding process is done online rather than at a courthouse or hotel ballroom.
Online Auction Process for the Metro Atlanta Housing Market
The online auction process may vary depending on the specific site, but the general process will be the same. The first step in the auction process is to register for the auction site on which you will be bidding, which is usually free.
Most auction sites will provide for a pre-auction bidding period. During this period it is possible to place a (usually limited) number of bids before the auction begins. If a pre-auction bid is sufficient and meets the seller's expectations, you can purchase the property before it ever reaches auction.
After the pre-auction period ends, the online auction begins. Online auctions are similar to traditional auctions except the bidding is done from the convenience of your own home or office. Most auctions include minimum bid increments and have set ending dates which can be slightly extended in the case of aggressive last-minute bidding.
If you are the winning bidder, most sites will send you a confirmation email that is shortly followed up by a phone call from a site representative. Unlike traditional auctions where the winner may have to produce the required funds within hours of winning, online auction sites typically only require a deposit upfront.
The potential for online real estate auctions as the future of the Metro Atlanta housing market lies in their transparency, their level playing field and their convenience. The ability to bid from the comfort of home coupled with the flexibility of payment options upfront makes buying or selling real estate online an attractive option for prospective buyers and sellers.
Also, the way auctions level the playing field by providing the average person the same opportunity to bid for a property as a large institution has added to their popularity. If these online real estate marketplaces continue to grow and develop, there is a strong possibility that they could truly be the future of how real estate is bought and sold in the Metro Atlanta housing market. We'll keep you posted as this trend either develops, or dies.
If you're in the market to start looking at the Metro Atlanta housing market, let us be your guide and advocate. Now more than ever, you need to have a broker on your side when looking for Metro Atlanta homes or condos.
For more on the Metro Atlanta housing market, check out our other articles and information at the Atlanta Real Estate link to your right under Atlanta Real Estate Categories.