Selling and buying homes at online auctions
Lockdown and Covid-19 restrictions have made buying and selling property via online auction a very real situation.Ray White Tea Tree Gully has conducted lots of successful online auctions since the previous Covid-19 restriction earlier in 2020.
What is an online house auction?
An online property auction is just like a regular “stand in the front yard and bid” auction, but virtual. It’s an auction on the internet. A live-stream auction where registered bidders go up against each other in real time.The platforms used and how buyers participate differ, but the fundamentals are the same as a traditional, in-person auction.
Can I sell my house under lockdown restrictions in South Australia?
Yes, it is still possible to sell in South Australia. While private home inspections and in-person auctions are not allowed online inspections and auctions are still permitted.
One of the biggest advantages of an online auction is convenience for remote buyers.
Bidding can be done from anywhere with an internet connection, making it easier for more buyers to participate. With a virtual auction, the pressure is off for buyers in some ways because seeing bids on a screen means buyers can “think more clearly”, when compared to hearing them briefly yelled out.