Online Real Estate Auctions

I was on the phone with a friend today. He was just walking into a house he won on an online Real Estate auction. As he walked through the house he told me, they removed the doors, counter tops, plumbing fixtures, sinks, light fixtures, ceiling fans, air conditioning units, and a host of other items. The house was stripped clean.

As a licensed Broker in the State of Wisconsin, we receive hours of training on auctions. State licensed auctioneers have pages of laws to abide by, and are required to provide specific documents to potential buyers. Online auctions often consider themselves immune to state laws. In this case, I can’t be sure what happened, who removed those items, or what the motive was. All I know is, that sale did not involve a standard state approved Offer to Purchase covering exactly what fixtures are is included in the sale of a house in writing. This is a good lesson to learn, state approved contracts are designed to protect both parties involved in the sale of Real Estate. Auction or bidding sites may or may not use standard Real Estate contracts. Auctions run by state licensed auctioneers have certain protection for buyers. Online Real Estate auctions may or may not be conducted by state licensed auctioneers. Why take the risk?

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