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Is it a Good Idea to Bid Online in an Illinois Real Estate Auction?

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Services for Real Estate Pros with United Country - Beloit Auction & Realty Inc.

Is it a Good Idea to Bid Online in an Illinois Real Estate Auction?

Over the past few years, real estate auctions online have really taken hold and have become much more mainstream. Though real estate auctions generally became popular due to the large amount of foreclosures that have gone on over the past few years, they remain popular because many people have really taken an interest in real estate and on top of that, many people find the world of auctions to be quite exciting. Even though an auction takes place online, doesn’t mean it is a bad way to real estate. In fact, they can be just as lucrative and exciting as bidding in person. Before jumping into online real estate auctions, there are a few things to keep in mind.

When you think about past Illinois real estate auctions that you may have seen in the past, you may think of old, run down homes that had a lot of problems. They typically didn’t look great and they almost always needed work done on them. Today, however, many of the homes that are put up for auction are in really good, totally livable condition. This doesn’t mean, however, that you should not do your research. When participating in real estate auctions you should always remember that looks can be deceiving and you should never buy any house sight unseen, even if it looks great on paper.

Another important detail that you should remember when buying real estate at an online auction is that the site you use can make a big different. One example of this is that there are definitely some great real estate that is listed on and auction site like EBay, but these auctions will not be legally binding and it is very common to find scams and problems when using these sites. If you really want to stick with a safe and reputable auction company, do your research and make sure that any auctioneer you look at is licensed in Illinois.

Another piece of advice that you should remember when you are ready to start doing real estate auctions online is to make sure that you are familiar with all of the rules and regulations and that you are aware of what may be in the fine print before you bid. This means that you should again, do some research on the auction company and make sure that you know the bidding rules and regulations. Generally the auction company will make this information well known, but if you cannot find it, you can certainly ask. It will be a much safer and easier process if you know this information up front.  We at United Country Beloit Auction pride ourselves in the fact that we have a very transparent process…..we are completely open and aboveboard with everything we do. Buyer’s trust is as important as seller’s trust to us.

Choosing to buy real estate online at an internet auction can be a great experience and can even be quite lucrative. These are only a few of many available tips.  You will only be successful in online auctions by practicing and observing. Spend some time doing your research and try to watch and expert in action if possible. It could be an invaluable experience.

See you at the Auction!

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