I’ve purchased a handful of properties on Auction.com and was added to their VIP buyer program recently. There’s no magic potion (or secret intel) that comes with the VIP buyer program, but I get detailed listings, additional property information, and some support from the Auction.com VIP program to help navigate the auction process.
For qualified buyers, I'm able to manage the bidding process under my account and assign the contract at closing (in the event of a winning bid). If this is something that could help your investing, please send me a message and we can talk about how this program works.
Here are a few reasons why Auction.com has been a helpful tool for my investing:
- Fast and efficient bidding. Buyers should only bid on properties that they can perform on, but bidding e is easier than drafting offers, enabling a buyer to effectively offers on multiple properties in less time that it would take to draft one traditional real estate offer.
- Options for financing and interior access. Most properties require a cash purchase only but some have allowed financing; this is always disclosed on the auction. Several properties I’ve looked at allow for interior access, giving you and your contractor the opportunity to see the property and estimate rehab costs.
- Some of the properties even offer commission for agents. This is clearly noted. I earned a massive $60 commission on a property that I purchased but other properties will offer commissions in the $400-$1,000 range.
- Reserves are often disclosed on the website, making the process more transparent. Give your best effort to bid and follow-up on properties that didn’t hit reserves. The seller and Auction.com reserve the right to contact you after the auction to accept your bid or counter.
- Closings are reasonably well organized and typically come together in 3-4 weeks after purchase. All of the properties that I've purchased have had traditional but streamlined closing processes, typically taking around one month from purchase to close. The processes have been much easier and less cumbersome than a traditional real estate close.
If you see a property on Auction.com or want to talk more about the auction process, send me a message anytime. Online auctions can be a tool to help investors find more deals, especially in competitive real estate markets.