LandInvestors.com Forums **Ask A Question** 30 Day Auction on Ebay

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    Michel
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    Post count: 199

    I have two properties on Ebay that I’m selling on the 30 day auction following Jill’s advice. History; Both parcels were bought on a Tax Deed auction in Florida, both are .25 acres in residential areas in Lehigh Acres(Hardest hit during real estate crash). One was bought at $2300.00 on a canal, the other a corner lot at $3200. I have not purchased a quiet title because of pricing increase on property. I have about 10 days left on auction. The $2300 property is up to $1975(reserve $3999), The $3200 property bid is up to $2000(reserve $4500). I was concerned about not having a reserve and getting under bid. I’m planning my exit strategy on these properties in case they don’t sell. At what point do you say”it’s time to break even and move on”? These properties were bought using another system and I would never buy land at a Florida Tax Deed auction again because of pricing. The money I spent on these two properties could have landed me more bang for my buck in rural areas.

Viewing 7 replies - 1 through 7 (of 7 total)
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  • Michel
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    Post count: 199
    Pro

    Update to my Ebay question. One of the properties sold”buy it now”. Working through the financials. Will start a different post on that, but would still like anyones feedback to my question.

    Patrick
    Participant
    Post count: 7

    Thanks for the update Michel

    Michel
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    Post count: 199
    Pro

    @patrick. Well the saying goes, don’t count the chickens until they hatch. Interesting enough, after listening to podcast 0060, Jill Takes on eBay Land sales, I have to agree with everything she said. eBay makes it difficult to collect money. When you have a bidder who wins eBay doesn’t allow them to check out within their site.The buyer kept asking me to invoice them through eBay but you can’t. I gave them three choices to pay, bank wire, cashiers check, PayPal. Giving Paypal as a choice was a big mistake. She took that option. I was able to invoice her and request the money which she sent, but Paypal withholds the money for 30 days until the buyer receives the product and is satisfied.Furthermore they charges 2.9% of the total sale as a fee for receiving money.I caleed Paypal to ask about the hold and they said they buyer can release the hold early. Well i have emailed the buyer since Monday with no response.So it was removed from auction which ends this Sunday. Even if i file a non-payment grievance with eBay you have to wait 4 days to relist it and mu auction would have been over. The only way to get your money in 7 days from Paypal is show you shipped the item to the buyer which has to include a tracking number. So right now things are stalled, and the buyer is MIA. On a better note another property that went south is back on and meeting the original buyer Saturday for payment.

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    eBay keeps blocking my messages to my eBay buyers saying I am trying to do business out of eBay. Had one buyer ask the eBay guys what to do and they said have me invoice him via paypal but to trade email through eBay their system gets all fussy.

    ebay makes paying via paypal very hard.

    Pretty much have to trade phone numbers and call the people for their email to invoice them.

    On a side note paypal has not been holding up my funds. They are ready to be transfered out the same time they come in. I have an old established account though.

    Michel
    Participant
    Post count: 199
    Pro

    @Luke

    I haven’t had any issues with emailing buyers on eBay that have asked me questions. I also experienced the frustration of a winning auction in eBay, only to be told by customer support that the money transaction has to occur outside ebay. They should explain that as you are creating a real estate auction so you can out that in your description. It took me three calls before I got someone to tell me you can’t invoice or pay in eBay. You may be correct about the money transfer in Paypal. I did have a personal account but opened a business account.I called this evening and they gave me a work around to the 30 day hold. Just show the product as processed and it releases in 7 days. Maybe the next one will be instant.

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    Or use Freshbooks and Stripe like Jill says.

    I should of listened.

    They are cheaper, less stupid rules and holds like paypal.

    If the buyer initiates the conversation then I ask for an email it works but if I send a message to the winner asking for an email to invoice if they would like that it blocks me. Name and address for payment blocks me too unless they start the conversation.

    Understand what they mean to do but it is frustrating.

    Michel
    Participant
    Post count: 199
    Pro

    @Luke

    That’s really strange. I do have a trial of Freshbooks and plan to get the subscription. I like that it linked my business account and tracks expenses. I have already invoice buyers using it.

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