There are some interesting and surprising experiences to share concerning the purchase of Real Estate via online bidding. I have had four real estate auctions @ RealEstateAuctions.com during the past four months and have seen no bidding. However we have written 9 offers on the property shown in those auctions over the past 4 months. Buyer mindset and thinking is very interesting.
We advise our sellers to entertain both "Pre" and "Post" auction offers since these properties are posted as " Minimum Bid" properties. Thus the seller would obtain the desired price, that being our responsibility; obtain a qualified buyer for the seller and the minimum bid satisfies the seller's need and they accept the pre or post offers.
We interviewed several buyers as to why they didn't utilize the online bidding vehicle to purchase the desired property. The surprising answer was mainly they didn't want to be in a position of competing for the property. They felt that it could result in a control issue and cause them to pay too much for the property. None of these purchasers were motivated to take a risk and felt that they were excited and paid a value later perceived to be poor purchase decision. My thinking is that because we are dealing with baby boomers and retired folks here in our area, they are not willing to take the risks and reap the rewards that are second nature to millennials on the internet.
Land in Maricopa County
Our website www.realestateauctions.com exposed the seller's property worldwide to many eyes. Now both the "Pre and Post" offers allows our Realtors to fulfills the very basic responsibility to the seller by closing an offer on the property in a short period of time.
For Sale in Tombstone
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