Online auctions becoming popular to move luxury real estate

Online auctions becoming popular to move luxury real estate

On Behalf of Porter Ramsay LLP | Jul, 27, 2020 | Real Estate Law

The way in which homes are being marketed and sold today is increasingly changing the housing market landscape. Online auctions are being used more frequently to move real estate in British Columbia. In fact, an upscale property in the Okanagan Valley sold last summer for $5 million after a fight between nine online bidders. 

Realtors acting for both buyers and sellers are using technology more readily to market and sell properties. Buyers can sit in the comfort of their own homes and experience virtual tours of properties in which they are interested. Online auctions and transactions are especially appealing in the luxury home market, but experts believe more business will take place virtually in the coming months.

Buyers can participate in these online auctions from anywhere in the world. And sellers are getting on the bandwagon since they are always looking for additional ways to sell their homes. Some real estate companies are even starting their own online auction sites for high-end buyers, especially in the metro Vancouver area and the Okanagan Valley. 

Whatever means a buyer or seller uses to buy or list real estate in British Columbia, a lawyer will always be an integral part of the deal-making process. A real estate lawyer can prepare and review documents relating to real estate such as purchase agreements, mortgage documents, title documents, and transfer documents. He or she  may also be able to provide legal representation for either a buyer or a seller should a dispute ever end up in litigation.

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