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Online real estate auctions are starting to become popular. There are now quite a few sites where you can buy and sell homes, land, commercial buildings and so forth. Ebay, for example, where people, after all, sell almost everything, is no exception --you can find extensive listings for all kinds of real estate from all over. People often wonder, however, if it's really safe to buy something as high-ticket as a home or parcel of land over the internet. Nightmare scenarios are easy to imagine. You could, for instance, buy a home you've only seen online, only to find when you see it in person that it's about ready to topple over. In all business transactions, there is a phrase that has become increasingly well known --due diligence. This is something that is especially essential when considering a real estate purchase, whether on or offline. People have, after all, fallen victim to fraudulent real estate deals long before there even was an internet. In fact, the computer actually makes it easier in many ways to do your homework. 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. Searching for real estate online can be extremely efficient; it can save you from making trips across the country. However, once you have located something that interests you, there is nothing to stop you from doing your own research. You could, for example, fall in love with a house ten states away and place a bid on it. In the meantime, while the auction is still running, you can take the time to do some fact-checking. Before completing a transaction, you may require the expert help of lawyers, real estate agents or home inspectors. This is no different from buying real estate in the traditional manner. Fortunately, responsible online auction sites such as Ebay, as well as the leading payment processor Paypal, offer safeguards against fraud; check user policies. With Ebay you can also check a sellers' feedback rating before bidding. If you are going to consider buying real estate online, you must use at least as much caution as you would buying in person. Make sure to verify facts about any liens, titles, plumbing, taxes, zoning, well, sewer and so on. Also, do not ignore the surroundings; if you are not familiar with the town, city or county where the property is located, you can usually find out quite a bit online --facts about the economy, population, crime, climate and so forth. 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. If you are a seller, the process is much simpler, as all you have to do is list the property, Here, too, you have to be careful, though. For one thing, find out if the potential buyer is financially qualified. Even honest sellers, especially with something as complex as real estate, can leave out crucial information simply because they didn't think of it when writing the ad. Or they unintentionally misrepresent something. Be sure to find out anything about your property that you may be unsure of, such as zoning restrictions or property lines. Sellers should study listings in their newspaper or local real estate office to see how they are constructed. Avoid words that are vague or subject to debate and stick with as many specifics as possible --for example, state the exact size of a room rather than saying 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.
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