AmericanForeclosures.com

October 2, 2008

House in Saginaw Michigan sold for $1.75 on eBay.com. Woman never saw home and has fees or faces foreclosure hearing.

Filed under: Uncategorized — americanforeclosures @ 12:59 pm
Hosue bought on eBay for $1.75

Hosue bought on eBay for $1.75

The home, which sold for $1.75 on Wednesday, received eight bids. The high bidder was 30-year-old Joanne Smith, of Chicago, Illinois.

“I am going to try and sell it,” she said of the home. “I don’t have any plans to move to Saginaw. I don’t have any plans of moving from (Chicago).”

She will now owe about $850 in back taxes and cleanup. If she does not pay, the house will face a judicial foreclosure hearing.

All she has is the seller’s email for, Southern Investments, LLC.

“I was trying to go see it, but I am not gonna make a 300-mile trip if I can’t go in the house and see inside,” Smith said. “It could be haunted or something.”

The question is, will she be able to sell it? Or will she have to pay 4-5 thousand dollars in demolition costs?

Certainly not seeing the house or photos of the inside is definitely not the best tactic to use in buying and selling foreclosures. She should at least be able to see the inside before taking on an investment.

See this freely syndicated e-zine article below about eBay and selling foreclosures and Real Estate.

Selling Real Estate on eBay

Selling real estate over the internet may sound like an awkward idea. However, the exposure the real estate receives over such a widespread media like the internet is every realtor’s dream.

Can eBay be used to market real estate? The answer is a resounding ‘yes!’

eBay provides functionality that is clearly adaptable to the needs of most realtors. It provides a widespread medium of advertisement for the real estate. It is also a relatively inexpensive method of advertising.

One of the best things about selling real estate on eBay is that it “markets” to many areas around the world, not just a local area. Advertising on eBay makes the property available to more than 100 million potential buyers, including those from other countries. Visitors can browse through the property details 24 hours a day, 7 days a week – all without the realtor having to explain the details about the property to every single prospect wanting information.

Advertising Your Real Estate on eBay

When one has a house or other real estate to sell, he or she may list it for auction on the eBay Real Estate site. This is found at
http://www.pages.ebay.com/realestate/

There are many different ways to present the property for sale on eBay. If the realtor seeks to sell the estate at a fixed price instead of having the property go through an auction, he may request eBay to display a real estate listing in a format much like a local paper.

eBay’s Real Estate page has three selling formats. These are the auction, fixed price selling, and the traditional real estate listing.

For each of these selling formats, the “user” furnishes additional information regarding his or her property. Details may include lot size, number of bedrooms, number of bathrooms, type of property, year built, and other information. The auction listing period must also be specified, where the choices range from 1-, 3-, 5-, 7-, 10-, or 30-days, or a 30- or 90-day non-auction listing.

The eBay Real Estate website charges two types of fees for listing a property. There is a simple fee for listing the property and also a fee is based on the final amount of the property sale. The charge for a 1-, 3-, 5-, 7-, or 10-day auction listing is typically around $100. A 30-day auction listings cost about $150. A non-auction listing costs $150 for 30-day listing, and about $300 for a 90-day listing.

Fees for Timeshare property and land are usually slightly lower. The final fee amount for Timeshares and land is generally about $35.

Selling real estate on eBay is growing in popularity as the internet stretches it’s outreach to more countries. Although nothing beats direct and personal inspection of property, the convenience of having eBay connect seller and potential buyer is definitely appreciated.

Copyright 2005 MHG Consulting

Would you like to get MLS listings before they hit the mob? For free? By email? Go to: http://www.realestatebyemail.net

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