Wednesday, February 24, 2010

Short sales: Perfect for an online real estate auction

Now, more than ever, lenders are willing to consider short sales when the borrower is in financial trouble and there is no equity in the home. They really don't want to take properties back in foreclosure.

The Opportunity : You can now use an online auction as the perfect tool to get the highest and best offer for the lender quickly.

Here is a simple overview of the process...

  1. You market the property through an online auction (in coordination with the MLS) for as little as 1 week. In your auction terms it MUST be clear that the high bid is subject to lenders approval. The online auction makes it simple for buyers and their agents to submit offers and it's all automated (No more juggling multiple offers and all the paperwork involved).

  2. Then, you can take the high bid, write it up as an offer and present it to the lender. In addition, you also explain how the property was marketed through an online auction, and you provide stats such as number of people who visited the property, number of bids, number of people bidding, etc.

  3. Manage the short sale process as normal, follow-up with the non-winning bidders and sell them other properties.
This is a very simple overview as there are a lot of strategies and techniques that make an online auction successful. You're welcome to join our next webinar to learn more. Real Estate Auction Webinar - Click Here

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