While the process is similar in that the auctions are transparent ways to buy and sell a home, On The Block does have some clear differences.
First, almost all auctioneers charge buyers a premium on their auction purchase. This means that the purchase price then has a considerable fee added as a cost for the buyer (sometimes up to 15%!). On The Block does not have any charge at all to the buyer, they are paying the purchase price they have bid, nothing more.
Also, by working directly with realtors, sellers have the luxury of enhanced marketing, leveraging the traditional MLS approach, while also reaching a wider buyer base with the online auction platform. Integrated multimedia, unlimited pictures and information attachments, sellers are able to provide unmatched detail about their properties, and buyers are able to access more than they can get through traditional channels as well.
No funds for a real estate transaction change hands with On The Block Auctions. The transaction still takes place with the Realtors using the same documentation used in a traditional sale. Otbauctions.com is the mechanism to allow buyers and sellers to reach a price. Bidder identities are protected, but their bids are also protected for the seller with a preauthorized deposit required in order to bid.
Learn more about buying process HERE
Learn more about the selling process HERE
Try our Demo Auction HERE