In today's market it is not just the banks that are selling their homes through auction. Most people only think about auctions when they think about foreclosed and distressed homes but it is becoming a more popular choice for people that are just looking for a fast home sale.
Why Would You Auction Your Home?
Auctions have a number of benefits compared to the traditional selling process using a real estate agent. Instead of conducting multiple showings over a number of months to convince buyers to make an offer, a home auction is conducted in a much smaller time frame. The buyers usually tour the property beforehand and the date is given beforehand for buyers to register to attend the sale. The sale itself lasts only a few moments as the buyers bid between each other and then the property can be sold to the highest bidder.
Please keep in mind that a large part of the success of the auction will be how well the auctioneer markets the home prior to it going up for auction. You will want to ask the auctioneer a few questions before you actually list their home for sale. If you know the process of how the auction works and what a good auctioneer can do for you it will put you in a better place to have a successful sale.
Find the right auctioneer for your home.
A good auctioneer is not always the one with the best location. An auctioneer is required to be a real estate broker and may be part of the National Auctioneer Association which is a group that specializes in real estate auctions. You will want to conduct multiple interviews and ask questions like how much experiences they have had and what type of properties they typically sell before you pick the right person for the job. You will want to find someone that has a lot of experience with marketing and selling similar homes to yours and that you are comfortable with handling this financial transaction for you.
The Value Of Your Home
Before you put up the home for auction, you must know the worth of your house. Get a home appraiser to evaluate your property in order to know the home's market value. In this way, you will know how you stand when you receive bids on the sale and whether the price that you want is a realistic one.
Do you know how the auction will work?
Be sure that the auctioneer is detailed when answering your questions about the timeline and the events to come. Better yet, ask the auctioneer whether it is okay to attend another event of his and then come to the auction to see how it is done. Many sellers have never attended a home auction before, and you can learn a lot about the auction and auctioneer from the event. During the event, judge the effectiveness of the marketing materials. Ask prospective clients how they feel about the auction, and you may even ask past clients about the process.
Do you fully understand the contract and are you comfortable with the process?
The auction process can be both exciting and nerve racking for both the bidders and home seller. There are a wide variety of ways that the auction can be held and whether there is going to be a minimum bid for the property. Are you okay with the type of auction that the auctioneer is going to be planning for you? Are you okay with the type of marketing campaign that is going to happen for your property? What do you want to do if you get a good bid before the auction date? What, if any, fees are there if you cancel the auction before the date? These are questions you will want to know the answers to before you sign on the dotted line. If there is any part of the contract that you do not understand you will want to make sure that you speak with a real estate lawyer before signing the contract.
Article Source: http://www.abcarticledirectory.com
You don't have to know how to sell your home to sell. There are house buyers in your area that pay cash for houses and close quickly. Why go through all the hassle when you can avoid it?
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