As fantastic an opportunity as selling your Real Estate on eBay can be, it is important to be knowledgeable of a few potential sand traps that can arise. After all, all good news tends to be false news in most regards.
EBay, like life has different people. You find some serious buyers just as much as you find bid trigger-happy people. These are people whose pass time it is to just BID on any and everything. Problem is they may even test their bidding skills on YOUR property auction. So what happens is they may outbid a REAL buyer who WAS prepared to buy the property, and because natural instinct often tells us to go for the highest possible price we may accept their bid.
The result is you ‘sell’ the property to the highest bidder only to find that well, they are not seriously going to buy your property! Worst still once you have taken the property of the bid list doing a re-bid costs you money(anywhere from $75-200), not to mention the fact that the real buyers may not bid at all cause they may have gotten another property elsewhere. Or they could bid a low ball offer just to see if you are desperate enough. You get the point, false bids are problematic
The solution is make it plain in your ad that ALL bids are considered binding on the part of the bidder. It won’t weed out everybody, but it was help with most average reasonable human beings! eBay does not consider all Real Estate bids to be binding, so you as a seller must insure that they are.
Collection is not always easy
Some individuals can/do actually give you a hard time AFTER the bid. What happens is they go for the kill now that they have gotten your attention, and they may try reduce the price after the bid has officially gone for them. Needless to say, its an utter annoyance and it costs money to re-do the bid. The best way of solving this problem is to make it plain that all bids are binding as I have said before. But another really neat trick is to put your property up for bidding on other sites which will be provided in the resource box. By having these sites up, even if somebody on eBay disappoints you, you can still sell it through yahoo/bid for you or the like OR force your post – bid bid person to think carefully about their decision to try and low ball you lest they lose out completely.
Involve your lawyer in the process as soon as the highest bid has been accepted.
Even on eBay, Post the truth
It’s a mighty small world on eBay and you had better make sure you maintain your relationships by being an honest individual In Real estate terms imagine yourself as the buyer. What would you want to honestly know? What kind of pictures and information would you want to provide up front? Would you be willing to be sold a house on fake/old photos?
The old rule still applies ‘Do unto others as you would have them do unto you’. eBay makes it more important to be honest because people are naturally worried about what they are buying, do not burn bridges by trying to over charge people for a property that is honestly not what it is. Just because they can’t see it, does not mean you should hoodwink them. Honest information and pictures brings trust, and trust means future business for you.