In this episode of his real estate vlog Henry goes over the advantages of why to buy a home at an online auction.
“Welcome to another episode of Henry’s Thoughts. Before we go any further, please follow us @thehenrywongteam. Now, today we’ll be discussing about online auctions. Now online auctions means exactly that. It’s all held online, where the auctioneer is actually conducting the auction live via Zoom or some other online platform.
Now with regards to online auctions, there are several advantages as a buyer when you’re looking to buy. Number one, you have transparency. Say for example, you put your bid up at $750,000 and another buyer puts it up at 760. You know the other buyer is offering 760. With the private treaty, you don’t know that. And in this uncertain environment, how do you know where prices are going? Well you do if it’s an auction.
Number two, the great thing is you can actually bid at your convenience. So you don’t have to be physically there at the house. You’re actually there in your bedroom, in your office, doesn’t matter where you are.
Number three. The great thing is about auctions, whether online or offline, is that there’s probably not as much competition, generally speaking. Why? Think about it. The majority of the time buyers actually have to borrow from the bank or have their finance condition. If you take that off, there’s only few people that can actually bid under auction conditions. So if you’re one of the very few that can do that, you don’t have as much competition.
There you have it. This is pretty much all the advantages of buying at an online auction. And the great thing is in this current environment, lastly, you don’t need to worry too much about social distancing. Why? Because you’re actually bidding from the comfort of your own home or in your car or in your office. So, you’re not actually finding yourself in a house with 100 other people, where you have to keep your distance. If you have any other questions, feel free to contact me.”