Can real estate transactions be conducted entirely online? This is the big question people in the industry have been talking about for years. Finally, in March, we will see a website unveiled in Texas, US, which is able to completely facilitate that. Ten-X (formerly Auction.com) will leverage on desktop and mobile technology to allow people to safely and easily complete real estate transactions entirely online.
Started since 2007, Ten-X claims to have sold over 200,000 residential and commercial properties totalling more than USD35 billion. Investors come from all over the world and are able to conduct transactions in a transparent and efficient manner whenever and wherever they want, says a company spokesperson. “As real estate continues to move online, Ten-X is uniquely positioned at the forefront of this dramatic industry evolution.”
Meanwhile, nearer home in Asia, this July will likely see the start of online bidding at property auctions in Peninsular Malaysia. Called e-Bidding, it will allow prospective buyers to bid online for auction properties instead of going to court under the current practice.
Malaysia’s top judge, Tun Arifin Zakaria said the online bidding process will be more transparent and more importantly eliminate syndicates prevalent at public auctions currently. These syndicates interfere with the bidding process leading to artificial pricing, he said. E-bidding will replace the manual Public Auction process in the courts.
In addition, online filing and searches for Power of Attorney documents from the High Court will soon be available to the public.