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If you want to know if online real estate auctions are sales are legally binding, here is your answer...
Whether it's on eBay or on any other auction site on the Internet, whichever way you see it, there seems to be a generous amount of bidding taking place. Some of the people surfing the auction sites take bids strictly for down payments, with the intention that after the bid closes, the property would be owner-financed. In the lease agreement option for a few auctions the first payment is your bid.
It is a frightening to know that sellers or buyers will actually go onto an auction site and buy a property unseen, and this doesn't matter how much it costs. In this case serious title problems and deed problems could be encountered (foreclosure and other claims), the structures to the properties could be in need of desperate repairs, you might not be able to dig a well or because it's raw land utilities will probably not be possible to bring onto the land.
If you are not familiar with the location of the property and the area, the feeling for the problems occurring that can affect other properties there won't bother you. This simply means that you won't know what questions to ask.
What is good to know is that auctions on eBay, like Yahoo! and other online auction sites are not binding, legally. Those companies that are not legally binding are not true auction houses and they are not qualified or not licensed to sell estate. These services these Online Real Estate Auction house offer are simply an advertising tool. They use there to mainly connect to buyers.
When bidding closes at the end of the day, usually buyers and the sellers come together and try to work out a valid real estate contract that sticks to the laws wherever in the state the real estate is located.
eBay offers all sellers two options of Online Real Estate Auctions. These are Bidding and Non-Bidding. However, don't let the terms confuse you, because neither of the results in a binding contract results to buying a real estate.
The way these two differ is when you decide to bid on a Binding real estate; your intentions are to buy. This way you can receive negative feedback from eBay if you win the bid, but can also choose not to complete the transaction. Negative feedback cannot be received if the purchase is not complete.
A few of the properties on the online real estate auction is there as advertisements only. Bidding does not take place. The option is a reasonably cheaper way for sellers to get some exposure for their real estate.
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