In the last couple of weeks I have been discussing things that you can do to sell your house quickly. This week I wanted to touch on a way to sale that has been around for a long time but is really starting to pick up steam in the residential sales market. House Auctions.
Many people are starting to turn to selling there house by auction. The auction format has many advantages but it also has it share of downfalls. A house auction can be performed a few ways but the most general way is for a seller to announce that the house will be auctioned off on a set date and time. They let the general public know the terms in which they will be selling the house.
The terms normally include the starting bid amount, the qualification guidelines to be considered a genuine buyer, and the way the auction will take place meaning will it be a sealed bid auction where everyone writes down there offer and the highest bid is accepted or a round robin auction where the 3 highest bidders will be allowed to continue bidding against each other until only one is left.
Once the seller sets all the terms they usually allow the potential buyers time to come and inspect the property and ask any questions they may have about the house. Then at the actual auction, everyone that is interested will bid and the highest bidder will win the right to buy the house. The first question that comes to your mind may be, well what if the seller doesn’t get a high enough bid for the house?
In that case most auctions have a stipulation that says the the seller must approve the final winning bid amount. The reason these auctions work well is because they create a great buzz or interest in the property. People are always interested in a potential deal and the chance to buy a house at a great discount will always get people in the door.
The auction also creates the illusion of lost opportunity. Buyers are more likely to make a decision on buying a house when they are faced with the thought of the prize being pulled away from them. If an auction sounds right for you, you can learn more about house auctions on the internet as well as there are several companies that will conduct your house auction for you.
Till next time, Good luck and God Bless and remember… If you have any questions about saving or selling your home or any topics on real estate that you would like to know more about please email me.
Arthur V. Veal IV is the owner of We Buy Houses Home Services, a real estate investment company. They specialize in buying houses on terms. Buying on terms allows them to purchase houses and pay very near retail prices while still selling the house for a profit. His company boast a 73% success rate when helping sellers sell their property quickly and getting them a price they feel is fair. Find out more about there programs by visiting their site at http://www.sellonterms.com