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Should You Buy Real Estate Online? - By: Jon Arcy, Posted on: 2007-08-01

You can buy almost everything else online, so why not real estate? There are now more than a few online auction sites where you can buy or sell real estate. Consumers who originally may have thought of Ebay as a place to sell random items from their garage can now browse extensive real estate listings.

One question that naturally occurs to many prospective buyers and sellers is, simply, is this a safe way to do business for such a high-cost item? It's easy to picture a nightmare scenario where you buy a house or piece of land, sight unseen, from a photo posted online, and then it turns out that it wasn't at all what you thought you were getting.

This brings up the subject of due diligence, which is a sensible course to follow in all business transactions, online or not. People have long been swindled in shady real estate deals, long before there was an internet. In some ways, a high tech environment makes it easier to take precautions.

Not everyone who browses online auctions realizes this, but a bid on a piece of real estate listed online is not a legally binding contract. This is because real estate transactions are regulated by local laws, and these take precedence. A bid is technically a show of interest. Looked at this way, it seems somewhat less daunting.

Online real estate auctions can be very convenient, saving you from making long and costly trips. The only catch is to do your own research after you've located something you want to bid on. You could quite easily, for instance, fall in love with a home on the other side of the country. Place a bid; this cannot hurt, but now do some fact-checking before making any final commitment.

You may have to recruit the help of experts, such as attorneys, real estate agents or home inspectors to properly do your due diligence, but this is the same as with traditional real estate transactions. Responsible internet auctions such as Ebay, as well as the commonly used payment processors such as Paypal offer a certain degree of protection against fraud (check their user policies). With Ebay, you can also look up sellers' feedback rating before bidding.

You have to use the same judgment, perhaps more, when buying real estate online as you would in person. Ask questions about vital issues such as the title, liens, general condition of property, electricity, sewer, well, plumbing, taxes, zoning, etc. You should also be familiar with the location where the property is situated. If you are not, you can find out quite a bit about almost any city or county online --population, economy, weather, crime rate, etc.

No matter how trustworthy you feel the potential seller is, do not assume that they are giving you 100% accurate information. In some cases, they may not even know certain things. You can always verify vital facts by calling local municipalities regarding legal matters or, again, hiring the relevant experts.

Sellers in real estate auctions have slightly less to be concerned about, but they too must be careful. The financial qualifications of a buyer must be verified, or you may end up disappointed. Be sure to find out anything about your property you aren't sure about (e.g. zoning laws, property lines) or you may unintentionally leave out or misrepresent something important.

If you aren't sure how to describe your property, check with a local real estate office or advertising supplement and see how properties are listed. When describing your property, try to be as specific as possible. It's better, for instance, to list the actual square footage of a room or house than to just say it's large.

Just remember that online real estate auctions can be a very convenient tool in buying or selling. What you have to keep in mind is that they are not a complete, one-stop solution. So, log-on and bid, but remember to do your own research and verifying.

Article Source: http://articleowner.com

If you'd like to explore the world of online real estate auctions, take a look at some real estate listings as well as many investment properties
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