How to Sell Your House Using an Auction
Posted by Matthew Boreen
on Sunday, 27 November 2011 in Real Estate One Stop Shop Blog
Matthew Boreen
Founder of RealEstateSwap.com. I kiteboard, snowboard, work with robots, study AI, and play jazz clarinet.
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When you think of houses being sold at auction, most people assume the home has been foreclosed on or the home is owned by a bank. There is now a growing demand though for online auctions from home owners when is comes to selling their house fast. Many sellers are turning to this after their home has been listed on the market for a long period of time. Here are some steps to properly sell your house using an online auction.Prepare the property for the auction. If your home is listed with a Realtor already, this step should be completed. The key is to make sure you remove all clutter from the property and perform any minor repairs that are needed prior to listing your home.
Set the sale or reserve price. This price will be your reserve price or minimum acceptable amount for the sale of your home. If the bidding goes higher than this price, it will be sold to the highest bidder. You may also choose to have an absolute action where there is no minimal acceptable price. Your house will be sold to the highest bidder no matter what happens at auction.
Hire an auctioneer to properly handle the auction. Every auction company is a little different with prices and services. You want to do your research and find out which auction companies have the best track record of producing traffic and sales to their houses. An auction company will typically host a series of open houses prior to the auction to show off the home. Once the word is out, the auction date will be set.