In the era of modern technology, people are used to social networking, online communication, searching for various services, such as relocation professionals, as well as online shopping. What’s more, nowadays, it is even possible to sell real estate online, too. And that no more, no less than in the form of auction. Yes, this is not a joke. You will no longer have to participate in auctions in crowded auction houses. Now you can beat time and distance and finish everything in the comfort of your own home. And all that with a simple click on your computer or your phone. To introduce you to the topic, we will explain the meaning of online auctions and define how online estate sale auctions work.
What are online auctions?
Unlike traditional auctions, where people who want to buy an item or a property need to attend an in-person auction, usually held in an auction house, this online version of the event happens on a web-based platform or through a live stream. Buyers use their computers, tablets, or mobile phones to browse the available items or properties, see the details, and participate in the bidding. They make the selection and decide how much they would like to offer. And, when they get the property they want, and the deal is sealed, all they need to do is to get an excellent moving crew and start their relocation process. And with the help of experts at usantini.com, it is possible to find all the necessary support and services in just one place.
The very format of the online auction depends on the online platform you use for conducting the process. Some of the most prominent companies offering this kind of convenience are:
- Market Buy
The most significant advantage of this online version of auctions is that buyers take part in them from their own homes or anywhere else they like.
How online estate sale auctions work – a step-by-step guide
Auctioneers usually hold online estate sale auctions. That can be a seller himself or a professional auction staff member. They make sure everything is legal and must conduct the whole process properly.
Moreover, nowadays, more and more people employ this same method when selling their belongings. Thus, for example, if you find some items you no longer need in the process of pre-relocation decluttering, you should simply sell those online. All you need to do is to clean them and do some photo shooting. Remember, good photos are a must. They can really sell your items.
1. Prior to the auction
Both sellers and buyers log in to a virtual auction platform. This is where buyers can see the properties listed for sale. Sellers, on the other hand, can see the real-time interactive bidding. Both parties need to be familiar with the platform used. That is why they are usually advised to register earlier and, if possible, watch several auctions before participating in one.
2. Getting qualified for the auction
When the auction day comes, it’s time to start with the bidding. If you have ever been into a remote purchase, you know the importance of the initial offer. All the buyers give their starting price for the property they are interested in. Then, they come to the point of completing some terms. The terms usually include the deposit information, the settlement date, or some other terms the owner asks for. After the owner considers the terms, he may either agree to them or reject them. The pending prices of the owners whose terms are accepted become live on the property. Those buyers become qualified and receive their own paddle number for the auction.
3. Start bidding
Once a buyer enters one of the online estate sale auctions, he can see all the other buyers’ paddles. They can also get some other details of the auction, such as:
- the highest bid at that moment
- the date of the final bidding stage
- the bidding timeline
It is essential to say that buyers, like in the traditional auction, can change their price whenever they want. All the time, they follow the bidding process and get updates on their e-mail or their phone.
4. Bringing the negotiations to an end
When it is clear that there are enough buyers and their offers, it is time to bring the negotiations to an end. The countdown timer is on, and the buyers get some time to decide whether they want to remain in the auction with their bid or give up. If some buyers decide to increase their offers, the countdown timer needs to reset. That leaves more time for the other competing buyers to change their offers, too.
5. The final point
When the time is up, and there are no more offer changes, the bidding is done. The symbol for that will be the falling of a virtual hammer. The buyer with the highest offer gets the property in question. If everything goes well, the final contract is made, and that is the end of the negotiations. That’s the point when the relocation preparations start.
Success is guaranteed
No matter whether you choose online or traditional in-person auction, your selling or purchasing experience will probably be successful. However, online auctions still have some advantages. Bidding from the coziness of your living room brings some release to the generally tense atmosphere of the auction. That helps a lot in making sound and smart decisions.
And although some may think that online auctions will not attract people who are not so familiar with virtual settings, the experience proved it wrong. The online platforms used for the auctions are easily manageable. They do not require some special skills, and everyone can learn to use them.
Considering all the aspects, and now that you know how online estate sale auctions work, you should try them yourselves. We are sure you’ll find that both exciting and pretty useful. And, once you purchase real estate and don’t know where to start with relocation, e-mail us to schedule a free 30-minute virtual session and get professional advice on moving and packing.
My name is Julie Thompson. I am from Brooklyn and work as a manager for one big company. I love exploring my creativity and often write engaging blogs on various topics.