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Internet has changed the face of the world. Its presence
is felt in every nook and corner of the humanity. With the
pace of developments in e-commerce, things are undergoing
a transformation and a radical transition from the days
that passed by. Along with the drastic inventions in the
web world, which helps us select, choose and shop, comes
the facility of auctioning a property and purchasing it
When a residential property is auctioned on the internet,
the interested one has to make a deposit of the bid amount.
Floor price varies depending upon the auctioneers and the
owner of the place. Even then, the bidder can bid at any
price over and above the floor price of the property. If
the bidder succeeds, he also needs to face the registration
and other charges that come along. All these processes happen
once the potential purchaser visits the place and decides
to go for auction.
Another noted advantage of the online property auction
is that the purchaser can easily avail the loan to buy the
house, by chance he needs one. This is because there is
more genuineness in the transaction process and it can be
proved with clear verification.
The main advantages of the online property auctions can
be enumerated under the following headings :
No Time Restrictions:-
In online auction method, bids can be placed at any time.
Items are listed for a particular number of days giving
purchasers the search, decide and bid.
No Geographical Restrictions:-
As internet has no boundary and is not limited by geographic
boundaries, so do the auctions happen. Sellers and bidders
can participate anywhere that has internet access. So there
is no need of attending the place where the auction really
Large Number of Sellers and Bidders:-
There are large numbers of bidders available because of
the ease of access through the net and the wide range of
products and services available. Because of the large number
of bidders available, sellers also will be available.
In order to be eligible to bid for the property, there
are certain formalities. One significant thing is making
a pre deposit. This is to make sure that the bidder is really
interested in auctioning the property. After the pre deposit
is made, he would be given a username and password.
The bidder can log in to the site, during the time and
enter the bid amount of the property over and above the
minimum floor price. The given bid would be considered and
revised during the auction time. After the auction is over,
the results would be displayed. Once the results are out,
the successful bidder should pay the balance amount that
has been prefixed.
To pay the balance amount, there would be specific deadline
and the bidder can pay the amount respecting the time limit.
In the due course, all the paper works would be completed
between the seller and the buyer.
These kinds of auctions will be done in a specified time
limit and the transaction would be between reputed sellers
and intermediaries. Therefore, there would be complete authenticity
and professionalism in the dealings and proceedings involved
in the auction process.
The Government also benefits in this type of property sale.
It would get money through the ways of stamp duty and registration
charges. This is because the property auction is based on
the actual sale and purchase price. The whole transaction
would be auditable by the revenue authorities.
Online auction is picking up in the property market. There
would be a significant and desirable change in the market
in the coming years.