Auctions are a great way for buyers and sellers to exchange goods at a fast pace and for reasonable prices. In the digital age, more and more live auctions are migrating to online platforms, making online real estate auctions the way to painlessly buy and sell properties. Let’s take a look at what it takes to build a real estate auction Apps. What Kinds of Properties Do Auction Platforms Offer? It is best to offer a range of property types, including: Short-Sale Properties: These are properties being sold typically by distressed homeowners who are looking to avoid property repossession or bankruptcy. Buildings that are sold as short-sale often sell for less than the outstanding mortgage on them. This sale type benefits both lender and borrower. Foreclosed Properties: This type of property has been seized by the lender in an attempt to recover the loan balance. A foreclosed property has gone through the pre-foreclosure process which involves the lender and the borrower working through potential solutions for paying off the outstanding debt either with a payment plan or the selling of the property. If nothing is worked out, a property can go into foreclosure. Bank-Owned: Following a failed foreclosure sale, banks will take properties into their ownership in order to re-sell them. These properties are listed at discounted prices and are often found right on the banks’ website. Flipped: These properties are investor-owned and have been bought to be fixed up and re-sold at a higher price. In most cases, flipped homes are remodelled and upgraded to be sold to first-time home buyers. Retail Properties: Properties that fit this category are non-distressed and include commercial buildings for individual stores, shopping centres, and service-type businesses. These are popular to those seeking to expand business portfolios or investments. New investors may choose this property type as a way to acquire a commercial property portfolio.
Article source: https://www.letsnurture.com/blog/the-ins-outs-of-building-a-real-estate-auction-platform.html