I am wondering if many wholesalers around the country would use an online auction site.
For example:
If I had a million dollar house for sale and the wholesaler would have a great shot at getting the house between $200,000 - $500,000, would people be interested in using this online auction website? Specifically, wholesalers.
What would I need to get wholesalers and other investors to buy online? Appraisal? Pictures? Inspections report? Anything else that investors would like to see in order to feel safe buying online from across the country.
Thanks.
Buying it without looking at it. A big NO.But if you or anyone who works with you is in the area of the property, it depends on you, what feel comfortable with. But still look at first and always. What you guys and gals think ? :banana
If you are selling, and the auction has a good reputation, let’s you set a minimum price, and doesn’t charge too much if it doesn’t sell, then it might be worth a try.
I was at a live auction, with Internet bidding, and watched several multi-million $ houses get bids of 1.25-1.5 million (I don’t think they sold; too far below the reserve). But, anyway, someone was bidding some real money.
It probably makes a difference that the high bids were on properties that were in established developments with a sterling reputation (Arnold Palmer golf course sort of thing) where bare lots sold for well over a million.
The middle class houses and lots got no action at all. The only property I was interested in didn’t sell. Top bid was about 20% of it’s value and it was withdrawn.