Everything You Need to Know About Buying and Selling Property Through Auction

Ohio’s real estate market is diverse and exciting, offering a variety of properties and purchasing options. If you’re looking for a unique and potentially fast-paced way to buy or sell real estate in the Buckeye State, consider an auction.

What is a Real Estate Auction?

A real estate auction is a public sale where properties are sold to the highest bidder. Auctions can be conducted in person, online, or through a hybrid format that combines both. They are conducted in a fair and transparent method for all participants, buyers and sellers.

Benefits of Buying a Property at Auction in Ohio

• Competitive Pricing: You are in control and able to bid your price at all times. You can see what other bidders have bid to know that you aren’t over paying and bidding competitively within your budget.
• Transparent Process: The bidding process is open and public, so you know exactly where you stand and can make informed decisions.
• Faster Closing Times: Auctions typically close quickly, sometimes in 14-30 days, compared to the traditional listing process which can take months.
• Wide Variety of Properties: Auctions offer a diverse range of properties, from residential homes and commercial buildings to land and farms.

Benefits of Selling a Property at Auction in Ohio

• Fast Sale: Auctions can help you sell your property quickly, especially if it’s been on the market for a while without any offers.
• Maximum Exposure: Auctions attract a large pool of potential buyers, increasing your chances of getting top dollar for your property.
• Unconditional Offers: Auction buyers are bidding knowing there are no contingencies, meaning the sale is guaranteed.
• Reduced Carrying Costs: The faster closing time of auctions can help you save money on property taxes, insurance, and other carrying costs.

Tips for Finding Auctions in Ohio

• Search Online: Many auction companies list their upcoming auctions on their websites and online marketplaces. See our upcoming auctions here.
• Attend Open Houses: Some auction companies hold open houses for their listed properties.
• Join our Mailing List: Get the news first by joining our mailing list and getting the insider information when new auctions are posted. Let us know you want to join!

Here are some additional things to keep in mind when considering a real estate auction in Ohio:

• Do your research: Be sure to understand the auction process and the specific terms and conditions of each auction before you bid. We’re here to help guide you through the process. Reach out anytime!
• Get pre-qualified: If you’re planning to buy a property at auction, get pre-qualified for a loan so you know your budget and can make sure you have the financing in place.
• Seek legal advice: An attorney can help you understand the legal implications of buying or selling property at auction.

With careful planning and preparation, Ohio real estate auctions can be a great way to buy or sell property quickly, efficiently, and at a competitive price.

Have questions we haven’t answered? We are here to help guide you through the process. The auction process shouldn’t be intimidating so let’s connect. 419-534-6223.