8 Best Real Estate Auction Sites

Online real estate auctions are a good lead source for real estate investors like wholesalers and house flippers since properties are typically sold for less than their market value. 

However, for a positive experience, it’s crucial to use a trustworthy site. We did the heavy lifting and researched and curated a list of the eight best real estate auction sites in 2024:

• Auction.com
• Hubzu
• ServiceLinkAuction.com
• Williams & Williams
• Concierge Auctions
• RealtyBid.com
• Bid4Assets.com
• Xome
• What You Should Know About Online Home Auctions
• Final Thoughts On Real Estate Auction Sites

Auction.com

Auction.com is a California-based auctioning company known to organize both online, and in-person real estate auctions. Established in 2007, the company holds in-person foreclosure auctions and online auctions for residential and bank-owned properties. While participation is free for both types of auctions, buyers participating in online housing auctions pay a premium, usually 5% of their offer upon the winning auction.

According to the company’s website, they’ve since facilitated about 510,000 property sales worth $62 billion and hold 15,000 auctions annually across all 50 states. Auction.com also claims to have 13,000+ off-market properties at any given time making it an excellent lead source for investors seeking a good deal.

However, winning buyers on online auctions must sign the purchase agreement and wire the earnest money deposit and proof of funds within six hours. If the winning buyer fails to complete this process within six hours, other homebuyers can match the bid and buy the property.

Pros

• Holds both in-person and online auctions

• Has a proven track record of over $62 billion in property sales

• Operates across all 50 states

• Features homes not listed on the MLS, allowing investors access to exclusive property deals

• The mobile app allows on-the-go functionality and upcoming auction notifications

Cons

• Most user reviews suggest the company lacks transparency, aggressive and unprofessional agents, and a difficult closing process

• Winning bid buyers have only six hours to submit contact information

Hubzu

Hubzu is among the pioneering and best home auction websites. The platform is part of Altisource, a renowned real estate service and mortgage provider.

With an inventory range of over 3,000 properties, including traditionally owned, short-sales, to bank-owned and foreclosures available at any time, Hubzu offers real estate investors and general buyers a vast selection of investment properties. 

Sellers, on the other hand, enjoy exposure to the platform’s over 1.9 million registered potential buyers. They also get 7-day auction cycles to market their property but can go through up to four cycles to ensure maximum buyer engagement and secure the best possible bids.

Buyers pay a $2,500 premium, but it can be as low as $2,000 on signature seller properties.

Pros

• Offers a diverse range of properties

• Sellers get an account manager to support them through the entire process

• Sellers enjoy 4, 7-day auction cycles

• Lower buyer premiums on select properties

• Transparent bidding process

Cons 

• Sellers need listing real estate agents

• Charges a technology fee

ServiceLinkAuction.com

Service Link Auction is a Texas-based real estate auction company owned by Fidelity National Financial, and powered by the law firm, Hudson& Marshall. The company allows investors and buyers to bid on various properties, including bank-owned properties, foreclosures, short-term sales, and newly foreclosed homes.

Service Link offers pre-auction and real-time auctions. In pre-auctions, bidders only submit a single sealed offer on their property of interest. When the pre-auction period ends, the auction coordinator reviews the offers, notifies participants, and sets another deadline for them to submit their highest and best offers. After this new deadline, the seller reviews and accepts the best offer, concluding the pre-auction process. Note that all bidding information remains confidential throughout the pre-auction process. However, the coordinator sends all participants notifications when sellers accept an offer.

Real-time online auctions, on the other hand, are more transparent. Sellers get 3-day auction cycles. The best part about Service Link’s online auctions is that sellers are usually open to negotiation. So, if you’re the highest bidder upon the auction’s close but haven’t reached the reserve amount, the bid coordinator can arrange negotiations for a mutually agreeable price.

Pros 

• 3-day auction cycles create demand pressure speeding up the sale process

• Offers pre-auctions and real-time online auctions

• With the online real-time auctions, all bid information is publicly available

• No buyer’s premium on select auctioned properties

Cons

• Buyers have to shoulder all closing costs

• No transparency with the pre-auction

Williams & Williams

Williams & Williams, based in Washington DC, is a worldwide online real estate auction company. They auction various home types ranging from government/bank-owned, REO, owner-occupied, and residential to commercial properties, trustee, second chance, and even luxury properties.

The company organizes live location and online auctions simultaneously, whereby online and in-person buyers have to compete for the properties. This creates a sense of urgency, thus fueling demand and, consequently, high bid amounts.

Another notable strategy that Williams & Williams uses is group-style auctions known as Buyer’s Choice auctions. During these auctions, the company auctions a group of similar properties, and the highest bidder not only gets the pick of the bunch but may even purchase multiple properties from the group at their bid price.

Pros

• Offers a wide range of property categories

• Simultaneous live, on-location, and online auctions fuel demand and bid prices

• Group property auctions are a unique concept that helps drive demand

• Offers an interactive map that makes finding investment properties easier

• Boasts worldwide reach

Cons

• Charges a technology fee

• Buyers pay a service fee

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Concierge Auctions

If you specialize in luxury properties, Concierge Auctions is just the best real estate auction site for you. The website stands out for specializing in auctioning properties worth between $2 million and $40 million. Additionally, unlike most real estate auction websites that primarily work with banks, and lenders, Concierge Auctions specifically manages auctions for direct homeowners seeking to sell fast. It truly is a concierge auction service.

Pros 

• Specializes in luxury properties

• Deals with individual homeowners

• User-friendly website

Cons

• Bidders must provide a reference later from their bank to prove financing

• Buyer premiums and closing costs can be as high as 20% of the final purchase price

Read Also: How To Get Into Luxury Real Estate: An Agent’s Guide

RealtyBid.com

Since they’re not in the business of selling real estate, banks and lenders usually lower sale prices for properties they’ve foreclosed on to sell quickly and minimize losses. RealtyBid boasts access to many of these properties thanks to its partnerships with over 100 banks and mortgage lenders.

Besides bank-owned and foreclosure properties, RealtyBid’s auctioning portfolio extends to conveyance without clearance of title foreclosure properties, commercial assets, distinctive residences, and even developer properties. The site also holds ranch and land auctions.

Moreover, RealtyBid invites real estate investors, agents, and builders to list their properties for auction, making it convenient for investors like wholesalers or house flippers seeking to expedite the sale of slow-moving properties.

As an affiliate of Covius, a leading technology solutions provider in the financial realm, RealtyBid incorporates technology in its auctioning operations, thus streamlining the process. For example, they offer Bid Assist, a tool to automate bidding. Once you set your maximum bid, it gradually bumps up your initial bid amount based on the minimum sale price and other bids until it reaches your maximum offer. This feature enables investors to ensure they bid on their preferred properties without being tethered to the device.

Pros

• Partnerships with established banks and lenders allow investors early access to affordable bank-owned assets

• Offers an impressive range of property types

• Uses technology to streamline bidding

Cons

• RealtyBid doesn’t have as many listings as other online auction sites

• Offers a long post-auction bidding period, a downside for winning buyers as they risk losing their bid if someone offers a higher bid

Read Also: Wholesaling Auction Properties: The (Ultimate) Guide

Bid4Assets.com

If you’re low on capital but eager to invest in property, Bid4Assets.com might be among the online auction sites for you. The site, established in 1999, offers bid-and-assume auctions, a unique auctioning model whereby participants can bid on the down payment of a property and then pay the principal amount in monthly installments agreed upon with the seller.

Additionally, the site offers sealed bid auctions without minimum bid or reserve price. The competitor bids remain unpublished for two days, creating the likelihood of the first bidder winning the auction.

That aside, Bid4Assets is part of Liquidity Services, Inc., a global company with a network of online auction marketplaces specializing in handling forfeiture auctions for governments, large banks, and other large entities.

This connection enables Bid4Assets to provide surplus auction services to federal and local government agencies, including the US Department of the Treasury, the United States Marshals, and about 100 counties across the US. The result? Buyers enjoy access to a wide range of government-owned properties and assets like land at remarkably affordable prices.

Pros

• Offers unique auction models such as bid and assume and sealed auctions

• Provides buyers with access to government-owned properties and assets at low prices

• Offers other classes of real estate including residential properties, commercial to even tax liens

• Buyers can offer feedback and rate sellers

Cons

• Charges a non-performance fee

• County tax sales properties are limited to Western states

Xome

Have some slow-moving real estate investment properties in your house-flipping portfolio? Consider selling them at Xome. 

Launched in 2015, this site not only auctions properties but also lists them on leading listing real estate sites like the MLS to generate more buyer interest.

When sellers submit a property for auction, Xome bids up the listing price on the seller’s behalf, encouraging buyers to place higher bids, consequently resulting in a higher sale price for the seller.

Additionally, Xome’s bids aren’t binding, meaning if a seller isn’t happy with the final offer, they can reject it. Notably, Xome buyers have to pay a 5% premium and a 1% service fee. Additionally, Xome places a $1,000 hold on the buyer’s credit card for each auction they participate in.

Pros

• Lists auctioned properties on third-party listing sites like the MLS to drive up interest

• Bids aren’t binding allowing sellers to reject offers they don’t find favorable

• Xome bids up on the seller’s listing price to drive up bid offers

Cons

• Buyers shoulder all the costs

• A $1,000 credit card hold for auction participation is quite steep

• Not favorable for buyers

What You Should Know About Online Home Auctions

Online real estate auctions are an excellent source of investment properties for wholesalers, house flippers, and landlords. However, before you leap you should be well aware of the following:

Online Housing Auction Fees

Although properties featured on home bidding sites are usually cheaper, there are fees imposed on the buyers that may drive up the overall costs such as:

• The buyer’s premium: Covers the costs of conducting the auction and is typically between 5-10% of the purchase price or a flat fee between $1,000 and $2,500

• Earnest money: Also known as a bidding deposit, it is usually 1-3% of the total winning bid.

• Technology fee: Covers the cost of operating the auction website and can be anywhere between $200 and $500 depending on the site

• Transfer fees: Usually $1,000 depending on the real estate auction site

• Encumbrances: Buyers are also often responsible for the listing agent commissions, tax liens, and other closing costs

What If You Win An Online Real Estate Auction?

You’ll need to prove your ability to pay through either a reference letter from your bank or proof of funding. You’re also responsible for the renovation and repair costs when you win on house auction websites. Furthermore, you’re subject to the following terms:

• Purchasing an occupied home, means you have to handle the eviction expenses out of pocket

• You’re subject to the Right of Redemption laws, which allow the initial property owner up to 18 months to catch up on payments and regain ownership. Additionally, you’ll not be reimbursed for costs incurred during this period, whether from repairs or property updates.

Final Thoughts On Real Estate Auction Sites

Online real estate auctions revolutionize the market by providing sellers with a swift method to unload properties and offering buyers access to quality homes at reasonable listing prices. The closing process is also typically quicker than in traditional sales. 

However, as noted, they have downsides ranging from hefty buyer premiums to the additional costs of handling repairs and out-of-pocket eviction expenses. Working with a reputable site may help mitigate most of these risks, and our list has eight of the best home auction sites. 

As you weigh your options, sign up for our free real estate training course to access valuable insights into wholesaling strategies that can improve your trade.