How Do Internet-Only Auctions Work?

Author: Jason Wallingford

March 6, 2019

Internet-only auctions (iAuctions) are growing in popularity thanks to the accessibility and ease in helping buyers invest in real estate. As a seller, internet auctions can be a boon in reaching out to potential buyers.

Unlike live auctions that are made in person, iAuctions take place on an auctioneer’s site like Trophy Properties and Auctions. Here, potential buyers can view all auction listings available and as a seller, you work with the auction company to get the property you wish to sell ready for internet only bidding.

The Real Estate You Wish To Sell Is Marketed

First, the real estate to be sold in an iAuction is aggressively marketed to the public through targeted campaigns. Experienced auctioneers look at the property type, be it farmland, residential, commercial, or recreational, and identify potential buyers through market research.

That way, you can be sure that your property is being marketed to the right people who will be interested in purchasing your property.

Potential buyers will be informed of the auction a month or two in advance so they have time to inspect your property and obtain financing.

A Time Frame Is Set For Internet Bidding To Occur

Depending on the type of property, a time frame is set for how long the property will be on the market, how long the auction will take, and when winners need to sign a Contract to Purchase. For example, it may take only minutes for an iAuction to complete for a single property, and possibly over an hour for a multi-tract auction.

iAuctions can go fast so be prepared to review buyer documents once a winner has been declared.

Auction Terms Are Set By You

Another advantage to selling your property via iAuction, is that you have control over the terms of the sale. For example, all bids are typically done by the acre and you can set a reserve price, a minimum price that you are willing to accept.

An Easy, Secure Way To Sell Your Property

iAuctions, like live auctions, are a very straightforward way to invest in a property and help ensure your real estate sells quickly and securely.

When participating in an iAuction, buyers are responsible for staying online until the bidding is officially closed. If someone is the high bidder in the last few minutes but someone else comes in with a higher bid, bidding will be extended by 5 more minutes. This is what is known as a soft close, a method that allows for all participants to have an equal and fair chance in getting their bid in.

iAuctions are competitive with secure bidding. Buyers will have to create an account with the internet only auction company in order to place bids. With Trophy Property and Auctions, our team of experienced auctioneers will help you get the most out of your property by working with you to understand what it means to sell your real estate at iAuction, as well as finding the right buyers.

Ready To Sell Your Land? Trophy Can Help!

Contact Jason Wallingford, CAI At (885) 573-5263 x702

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