Should You Sell Your Home at Auction?
Wayforth- FL
Dec 22, 2021
Florida - Sarasota, Bradenton & Charlotte Counties
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Selling a home and moving can be a stressful time for you and your family. You need to make sure your home is ready for market, clean out the home and make any repairs, negotiate on price and do a ton of paperwork.
Instead, why not consider selling your home and possessions at auction?
GETTING VALUE OUT OF YOUR HOME
You might be surprised to learn that selling a property at auction may have a distinct advantage over a typical real estate transaction. Home sales through an auction can move much faster and have the potential to go for a higher price. A properly managed auction can generate a positive financial outcome while reducing some of the stress, especially if the owner has passed away or can no longer live on their own.
TIMING IS (AND ISNT) EVERYTHING
During a regular real estate transaction, a house thats not in tip-top shape or isnt in a prime location may take a lot longer to sell. With an auction, you can pick the end date for bids, so you know when the sale will be complete.
Its important to understand that using an auction means you cant wait until the real estate market gets hot or pull the house off the market if it isnt selling. When you commit to the auction, you need to be ready to let go of the property in the stated time period.
LET THE BIDDING BEGIN!
From inspections to appraisals to loan approvals, sellers can be nickeled and dimed after the original contract to sell via a typical real estate transaction. When you sell a house at auction all of the bidders are pre-qualified and have already done their due diligence. Once auction and sale is completed, the deal is done. No one will ask for a small crack in a window to be fixed or another look at the air conditioning system.
One down side of an auction is that in order to generate interest in the home, you typically have to set a pretty aggressive minimum or low bid. You run the risk that thats the only bid youll get. With an auction the seller cant make a counteroffer, so theres always a chance you will have to settle for less than you expected.
Depending on the location and condition of the house, auctions tend to attract three types of bidders: developers who just want the land and will raze the house to put up something else; speculators who want to snap up a bargain and flip it; and traditional buyers who want it as their home. The more competition you bring in, the higher the potential for bidding. We usually recommend a thorough clean out and clean up, but seldom more than that the goal is to make the property easy to see, walk through, and complete due diligence on.
AUCTIONS ARENT JUST FOR HOMES
There are also services to sell your possessions by auction as well. Companies like our partner,MaxSold, can help you downsize your furniture, household goods, and personal items, and work with you as you get ready to sell them. Their online auction system has helped people all over the U.S. and Canada.
Take time to learn as much as you can about any type of sale, whether you choose to auction your home or use a traditional real estate agent. When you have all the details, you can make the most of your homes value.
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