How do Real Estate Auctions Work for Sellers?

If you’re thinking about selling your home, you may be wondering if an auction is the right option for you. Real estate auctions can be a great way to sell your home quickly and for top dollar. But before you decide to sell your home at auction, it’s important to understand how the process works.

In a real estate auction, properties are sold to the highest bidder. The bidding process is open to the public, and anyone can participate.

There are three main types of real estate auctions: absolute, minimum bid, and reserve. In an absolute auction, the property is sold to the highest bidder, regardless of the price. In a minimum bid auction, the bidding starts at a published minimum price and sells to the highest bidder above the preset minimum. In a reserve auction, the seller sets a minimum price that they are willing to accept. If the highest bid does not meet the reserve price, the property is not sold.

To sell your home at auction, you will need to work with a qualified and experienced auction company. The auction company will help you market your home to potential buyers and conduct the auction.

Here are some of the benefits of selling your home at auction:
  • You can sell your home quickly. Real estate auctions typically sell within 30 days or sooner and you set the timeline.
  • You can get top dollar for your home. Auctions create a competitive bidding environment, which can drive up the price of your home.
  • You don’t have to pay any commissions. Our auction company charges a buyer¬†premium for their services, which can save you a lot of money on commissions.

If you’re thinking about selling your home at auction, it’s important to weigh the pros and cons carefully. Real estate auctions can be a great way to sell your home quickly and for top dollar, but they’re not right for everyone.

Here are some things to keep in mind when selling your home at auction:
  • Do your research. Before you list your home for auction, be sure to research the market value of your home and the costs associated with selling at auction.
  • Prepare your home for sale. Before you list your home for auction, be sure to make any necessary repairs and updates. You should also declutter your home and make it look its best.
  • Market your home effectively. An experienced auction company has the expertise to properly market your property to qualified buyers.

With a little planning and preparation, you can sell your home at auction and get the best possible price for it.

Have more questions? Give us a call at 419-523-6223 and we’d be happy to walk you through the process.

Ready to sell? Get in touch with us now.