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The real estate landscape of the aftermath may look like a very boring list of properties, indexed at many websites around the world, including a new global MLS. Many of the list items will be available to bid on via online auctions. 2008 has been the first year when more houses became available at online auctions, than land. Land was the natural beginning of the online real estate transaction because of the reduced due diligence required. Now because of the prices, the required due diligence on certain houses at online auctions has diminished. Presently this applies to the least expensive bargains, but more expensive bargains will soon be more palatable to online real estate investors. Seller financing will become more prevalent, as will companies that facilitate the private lending (Richard Branson recently started: virginmoneyus.com) So the real estate landscape of the aftermath may look a lot like the online land auction website of today, Landbidz.com http://www.landbidz.com . Quick discount cash sales or easy financing!
The problem is causing loss of perceived value. All of the lower listing prices confuse consumers, driving the perceived value of REAL ESTATE down even further. Anytime the advertised proposed sale is short, where the bank can and does refuse offers, the listing price is misleading. The solution is simply to not put prices on such listings. Instead, refer viewers to any relevant information related to value, such as estimates and loan balances. At Landbidz.com (http://landbidz.com) all fixed price listings are for sale at the listed prices, and all other properties can be purchased at online auctions. As we run an auction site, we are intimately familiar with the markets ability to establish value. Watch how fast houses start selling when the auctions (online and live) become primary channels for reducing inventory. Consumers will knowingly get such good deals that the primary gauge of the new discounted real estate values will be the winning bids at the auctions, and banks and sellers won’t refuse the offers. This will be the bottom of the market in most marketplaces, and current real estate investors should increase their holdings. This is how we have always sold land at landbidz.com.