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How To Put A House Up For Auction

Thursday, October 22nd, 2015

Selling a house at auction is quick, efficient, and simple, and helps both sellers and bidders avoid the hassles of the traditional home buying process. By auctioning off your house, you may even find buyers competing for your home, which could result in a larger profit.

Though auctioning off your home may sound appealing, you may not know where to start. It is important to understand how to auction your house before attempting to sell it. You can begin auctioning your home by finding the right auction house, choosing a reserve price for your house, and advertising the auction. Finally, become involved in the house auction so you can be aware of the process and details of the transaction.

Find the right auction house

Using a reputable real estate agency or auction house can make all the difference when it comes to auctioning off your home. Using a trustworthy auction house also makes potential buyers feel more secure, which may even attract more buyers. Make sure you hire auctioneers that specialize in auctioning real estate and have experience dealing with home auctions in your area. It is also typically better to choose a local auction house, rather than a national company.

Choose a reserve price before putting your house up for auction

Although your house may end up selling for more than you imagined at the end of the auction, it is still good to set a reserve price. A reserve price is a minimum amount that guarantees your home will not sell until that initial price is met. If you are not sure how to arrive at a reserve price, meet with a reputable real estate agent to determine the amount. Take into consideration the current housing market and economy.

Advertise the house auction

Work with the auction house to ensure the sale of your home is well publicized. You can advertise through the internet, through traditional mail, through radio or TV advertisements, social media, and of course through word of mouth. The more people who know that you are auctioning your home, the better chance you have at selling it for a satisfying price.

Let your family and friends know about the upcoming auction so they can share the information with people they know. Advertise with photos of your house. You should also keep your property looking nice prior to the auction, in case potential buyers want to schedule a viewing.

Be involved in your house auction

There are many ways you can become involved in the process of auctioning your house. You can know what buyers are bidding to have an idea of the price your home will sell for. You can also bring a lawyer with you if you have further questions or want to make sure all documents are signed properly after the sale. Research how bidders are pre-qualified to purchase your home before the actual auction takes place. Consider if a bank is running a credit check and how buyers will pay for the house. Get the details before auctioning your home, so you know what you are dealing with during and after the auction.

For more information

Want more details about auctioning your home or purchasing a home through auction? Contact High Plains Auctioneers at (806) 244-6776 to find out more information about auctions. You can also Contact Us by email to learn more about our services and view our upcoming auctions.