Buying a real estate property is serious business. It takes a lot of time, thought and money. The fact that you may need to spend a large sum of money to acquire properties can be quite scary.
They are several ways to buy cheap real estate online. They are through online properties auction sites such as eBay or government seized auctions.
Before anybody buys a property, there are so many things to think of such as the accessibility of the house, familiarity of the area, claims on it and the legality of online auction sales. The big question would always be if this online auction sale is legally binding.
There are two types of auction, binding and non-binding.
Before we further discuss these two, keep in mind that some online services such as eBay are not qualified companies that can actually sell property.
What these online services do instead is to connect potential buyers to the actual real estate sellers. Going back to the type of property auction, as previously mentioned, there are two types the binding, where you have expressed your intent to buy the property and in case you win, you are further obliged to settle and complete the purchasing of the property.
While on the non-binding property auction, even if you win in the auction, you can choose not to complete the transaction.
Government seized real estate on the other hand is a binding contract. These are usually seized from homeowners who can’t afford to pay mortgage loans and some were seized from criminals. They are usually a lot cheaper than houses for sale on the open market.
Just like on eBay, government seized properties are being auctioned and the highest bidder wins. However, I noticed most of the real estate being auctioned are being sold cheaper than anywhere else.
If you are looking for cheap properties to live or simply want to flip properties for profits, government seized real estate auctions is a good place to check out.