Home AUCTIONS

So you have been trying to sell your home for quite some time without success, and you are wonder if you are marketing the house properly. Perhaps it is time to look into an alternate method of selling your house. Let’s take a look at putting your house up for auction.




As a seller, there are some real benefits to selling your home through an auction. Unlike the usual home sale process there is no negotiation. You know your buyers are serious and the competition of an auction may increase the price your home sells for.



There are three common types of auctions:



Absolute Auction
- house will sell to the highest bidder, regardless of price.

- marketplace response is strong, as buyers know a sale will be made.



Minimum Bid Auction
- protects the seller from selling below a set price.

- usually has fewer prospective buyers



Reserve Auction
- the highest bid at the auction is considered an offer.

- seller has a couple of days to accept or reject the offer.

- down side of this type of sale is that not many buyers may be willing to risk the sale being turned down



Above all, always work with a REALTOR® who knows the auction process. He or she may already have a relationship with an auction company and can assist in organizing the sale. Remember, the property needs to be in saleable condition to get the best price; your REALTOR® can discuss staging the home with you.