4 Top Online Real Estate Auction Websites

CEO Khai Intela
Real estate auctions have become increasingly popular, especially as people rely more on technology to buy and sell homes. Digital auctions have gained popularity, providing real estate investors and homebuyers with a convenient way to...

Real Estate Auction Real estate auctions have become increasingly popular, especially as people rely more on technology to buy and sell homes. Digital auctions have gained popularity, providing real estate investors and homebuyers with a convenient way to locate and purchase properties at outstanding prices.

In this article, we will review four of the top online real estate auction websites, providing you with the pros and cons of each. This information will help real estate investors make more informed decisions and increase their profitability. Additionally, we will provide you with a bonus list of real estate auction websites that are worth exploring.

Overview of Online Real Estate Auction Websites

For sellers looking to sell their properties quickly, listing them on an online auction website can be an excellent tool. The best online real estate auction sites come with built-in marketing platforms that help generate interest, find potential buyers, and quickly sell properties at a good price.

For buyers, real estate auction sites offer a convenient way to search for properties, conduct initial research, bid on properties, and purchase them at competitive prices.

When using an online auction website, it's important to understand the terms of participation, buyer's premium, terms of sale, disclosures, fees, and information regarding property inspections prior to the auction.

#1 Auction.com

Auction.com, launched in 2007, stands out from other auction sites as it offers properties being auctioned off by third parties. This significantly increases the number of auctions available on the website.

Pros:

  • Closing usually takes 30-45 days.
  • Nationwide auctions.
  • Third-party services increase the number of properties available.
  • Extensive help center and forum for buyers.
  • Easy-to-navigate website.

Cons:

  • Buyers should be aware of different fees for real estate auctions.
  • Information on third-party properties may be incomplete.

#2 Hubzu

Founded in 2009, Hubzu operates globally and offers both residential properties and land for sale. Unlike other websites, Hubzu also sells homes through traditional sales, not just online auctions.

Pros:

  • Displays properties available through auctions and traditional sales.
  • Closing usually takes 30-45 days.
  • Nationwide auctions.
  • Third-party services increase the number of properties available.
  • Easy-to-navigate website with FAQs.
  • Auctions indicate if the reserve price has been met.
  • Some auctions have an "End Auction Now" button for instant winning.

Cons:

  • Buyers should be aware of different fees for real estate auctions.
  • Only residential properties and land are listed.
  • Liens are discovered during the title search process.

#3 Hudson and Marshall

Hudson and Marshall, in business for over 50 years, encourages buyers to utilize a real estate agent during the auction process. They sell various types of properties, including residential, commercial, lender-approved short sales, and land auctions.

Pros:

  • Closing usually takes 30-45 days.
  • Nationwide auctions.
  • Properties sold with a clear title, unless noted differently.
  • Sellers pay the Title Insurance.
  • Real-time inventory updates on the website.
  • Some properties have a "Bid Now" feature.
  • Properties are labeled as "Reserve" or "Absolute" to indicate price conditions.
  • Easy-to-navigate website with FAQs.

Cons:

  • Buyers should be aware of different fees for real estate auctions.
  • Only properties auctioned by Hudson and Marshall are shown.
  • Not all auctions lead to accepted bids.
  • "Bid Now" feature works on a first-come-first-served basis.

#4 Williams & Williams

Williams & Williams, a fourth-generation auction house, conducts on-location and online auctions nationwide. They auction various types of properties, including residential, commercial, luxury, land, farms, and ranches.

Pros:

  • 30-day closing period.
  • Nationwide auctions.
  • Help center for buyers.
  • Real-time inventory updates.
  • Properties auctioned with a reserve, unless otherwise specified.
  • Easy-to-navigate website.
  • Financing section for buyers exploring financing options.

Cons:

  • Buyers should be aware of different fees for real estate auctions.
  • Only properties auctioned by Williams & Williams are shown.
  • Not all auctions lead to accepted bids.
  • Average closing costs include insurable title.

Bonus List of Real Estate Auction Websites for Investors

In addition to the featured list, here is a bonus list of real estate auction websites for investors.

  • #1 RealtyBid.com: A leader in online real estate sales, having auctioned over 100,000 properties online.
  • #2 Xome: Offers a large selection of real estate properties available at auction.
  • #3 US Dept of the Treasury Seized Real Property Auctions: Advertises auctions of seized real properties throughout the United States and Puerto Rico.

Wrap-Up

Whether you are planning to buy your dream home or looking for investment properties, extensive research is crucial before participating in an auction. First-time auction buyers are advised to seek the assistance of a real estate agent, as their expertise can be valuable throughout the process.

Graystone Investment Group, an experienced real estate wholesaler in Tampa Bay, provides clients with a turnkey process at no extra charge. They offer discounted properties, connect buyers with private financing, and coordinate with trusted rehab and management companies.

To learn more about profitable real estate investments in the Tampa Bay area, fill out our Investor Profile or contact us directly.

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