This may sound a little uneducated; nevertheless; what is the deal with the Ebay real estate auctions beginning at $.01? What fees are the buyers responsible for? I never shop on Ebay so it’s pretty new to me. I recently heard about good deals that were actually legit and such on…
Auctions marketing for real estate works like a charm with all types of properties (residential, commercial, industrial, farms, ranches, land). Turn virtually any type of property into cash quickly and sell "as-is" with no hassles or fix up.
Mr. and Mrs. Clagg, luxury home builders, owned a magnificent 3,000 square foot residence situated on a third of an acre. Sadly, they had their property on the market for over 10 months without an offer, even though the price was reduced 3 times. Read more...
This property was a rental property owned by an investor. It is located in Southwest Bakersfield in the Silver Creek development. The home was in good condition with over 1,600 sq. feet (3 bedroom 2.5 baths). Read more...
eBay real estate auctions are non-binding. They’re the only tye of auction that works that way. It’s meant to get buyers in touch with sellers, but the price is not firm or binding, as due diligence still needs to be done (inspections, check for liens, etc).
When you see an eBay real estate auction beginning at $.01, most of the time what is being auctioned is the down payment only. In other words, the seller is offering seller financing for the property. They may be willing to accept a penny for a down payment, but when bidding you’re agreeing to their financing terms.
Also, they usually have a closing fee/document preparation fee/processing fee which is usually in the $150 to $300 range. This is normally paid with your winning down payment bid. One thing to be aware of is that recreation land, condos, and other properties often have home owners association fees as well. These need to be brought current if the seller hasn’t been paying them, so be sure to do your due diligence before buying any real estate on eBay.
Best Wishes!