How To Buy A House On Ebay
Buy The Home Of Your Dreams With NO Bank Loan
You can buy the home of your dreams with no bank loan quite easily online. All over America people buy and sell items on Ebay and Bid4Assets and houses are no different. You only need to know what price range you want, the location and how much you are willing to put into the home if necessary. Many homes on eBay sell in "move in condition" and the terms are usually very clear. There are a few things for you to consider as you are bidding for your home.
Seller Could Be A Real Estate Agent Or Just A Private Individual Seller
Just the same as if you buy land online, your seller could be anyone, it could be a professional real estate sales person or it could be a couple looking to retire and sell their home really cheap. Read the information on the sales page carefully. If it is not listed then email the sell to ask about their selling credentials or reason why they are selling. It could come in handy as the deal progresses.
No Reserve means that whatever the bid is when the time ends, the highest bid wins it. So if the highest bid on a 3 bedroom home in Upstate New York is $500 plus whatever terms are in the agreement, then that is the final price of the house. If there was a reserve say of $3,000, then the property would be relisted until that $3000 reserve is met.
Full Purchase Price
This means that you are bidding on the full price of the home and not just a down payment with payment terms. Whatever the winning bid is, that is the sales price of the home and you owe the owner nothing after that price is paid.
Down payment means that you are bidding on just that-a down payment with payment terms. So if the bidding is at $200 down and $150 per month on a home then it should state that in the listing so you know that is exactly what you are bidding on. This is why it is important to read the listing very carefully and do your due diligence before making a bid. The price may be dirt cheap but you are still supposed to treat it like any normal home buying experience.
Look At The Pictures and Read The Seller's Information on the Property
There should be pictures of the property listed in the property information section. It should tell you just about everything you want to know about the property. The picture should give you an idea of the condition of the house both internally and externally. It should give you a good idea as to whether or not you want to continue to investigate further and ultimately bid on the parcel. Likewise the detailed information listed on the page about the property should also give you an idea as to whether or not you want to continue to look at it or just move on.
Decide Whether You Want To Take A Look At The Property or Just Go Ahead and Bid Without Viewing it (Recommendation-GO SEE IT!)
If you are interested in the properly. It is perhaps wise to set up an appointment with the owner to go view the property. Some properties will say "as is" but you should still do a drive by looksy just to make sure it is something you can deal with or to see if you like the neighborhood.
If you are serious about bidding on and buying the property, you should consider getting an inspection done to make sure you can handle what you are getting. You don't want any surprises on your hand after the transaction has closed.
Pay For Your Winning Bid and Move Into Your New Home
This may include Closing Costs so make sure you read everything carefully and make sure ALL the terms are OK with you. If you need a lawyer to look over the paperwork, it is probably wise that you hire one.
See the video explaining the process here.