How To Bid On A Homesearch.com Property
You’ve heard the rumors and they are in fact true! Some of the best deals are still to be had on distressed properties—specifically foreclosure properties. Many banks have now begun to put their properties up for sale in online auctions, opening up their inventories to more buyers who are looking for a homestead or real estate investment properties.
What are the benefits of buying real estate online?
The Deals – Thousands of properties are available online. There is a huge selection and many deals on ready to move-in properties and fixer-uppers too.
Availability of Exclusive Properties – Many times, if a bank is interested in auctioning off a foreclosure property, they won’t even entertain offers from potential buyers. This makes the online auction process a great way to find a property that you cannot buy anywhere else.
Convenience – You can find and buy properties all over the country, and bid on it from the privacy and comfort of your own home.
The First Steps
Make an account on Homesearch.com to get yourself started. The link is here:https://www.homesearch.com/account/register. The rest of the process is very simple. You can begin to find and bid on properties in the areas that you are interested in immediately. The account is free and there are no fees to bid. You must register for the specific auctions that you are interested in. At the time of registration, Homesearch.com will place a hold of $2500 on your credit card before they allow you to place a bid on a property. Think of this as a good-faith earnest deposit. They do this in order to make sure that only serious buyers are bidding on properties. If you do not end up winning the auction or purchasing a property during the auction period, the hold will be removed within 24 hours of the auction’s completion.
How To Bid On A Property
After registering for an auction event, bids are just a simple click. Every property has an opening bid amount and a bid increment and after you bid you will receive a confirmation that your bid has been placed. If you are the high bidder you will be notified by email when the auction closes.
Sometimes the auction closes and the reserve price has not been met. You may be the high bidder on the property but not win the sale. A reserve price is the lowest price that the seller is willing to accept for a particular property. It is not shared with Resident Team Realty, LLC or potential buyers, however there is a link on the property auction page showing whether or not the reserve has been met. If the reserve is not met, typically the auction is pulled at its conclusion and the property will return to active auction in a few weeks time.
If you have any questions about this process, we would love to hear from you. You can call us at 407-483-5534 and we would be happy to walk you through the process.
Good Luck and Happy Bidding!
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