There can be many reasons homeowners find themselves in a position of needing to sell their house. Sometimes it’s necessary because you need to relocate for work or to take care of an aging loved one. It might be a financial decision, the need for a bigger or smaller living area, or the house needing too many costly repairs. No matter why the need arises, many homeowners consider auctioning a viable option. Maybe you have some of the same questions like: Should I auction my house? Or Can I auction my own house? Selling a house at an auction can be a viable option if the process goes smoothly. There may also be better options. Here are some of the things homeowners need to know about auctioning a home.
Should I Auction My House? Where Do I Start?
Auctioning your house can seem like a doable option if you are looking to sell. If you are asking, should I auction my house, there are several steps you will need to take. First of all, you’ll need to locate the right auction house. Make sure to do your homework on the auction house, they need to be reputable. You will also want to review their real estate auction fees so you understand what it is going to cost you out of your profits. The auction house should work with you to advertise your home. During this time, make sure to keep the house in good shape and looking good as people will be looking at the property to make their bids.
Pros and Cons of Auctioning a House
Are you one of the homeowners asking, Should I auction my house? If so, then you need to be aware of auctioning a house pros and cons. Going through the process is not always easy, and it’s important to work with professionals who have real estate auction experience. Here are some of the biggest pros and cons:
- Con – Extra Cost: There are going to be a few extra costs associated with going through a real estate auction company. The rates vary, but in essence, you are paying them to sell your house. They will choose how to handle the marketing efforts and when to hold the auction.
- Pro – Market Value: Setting a price for your house can be difficult, but when you open it up for bids, you’ll know what people are willing, and not willing, to pay for it. The bids are a way to get an immediate market value on your home.
- Pro – Faster than Real Estate Market: An auction is a quicker way to sell than going through a real estate listing. That can literally take months or even years before the property moves. An auction is a way to gather interested buyers together for a day. The whole auctioning process can be done in an hour or two.
- Con – Stuck with a Bad Offer: For most auctions to be successful, the seller has to agree to take the highest bid, whether or not they are happy with it. This is the type of auction that will attract the most bidders. Real estate investors feel like they are wasting their time if they have sellers who back out on selling the property at the last minute. But, if you agree to take the highest bid, you may be stuck with a price that is far less than you wanted.
How to Auction a House Online
Are you still asking, Should I auction my house? It’s okay. It’s a big decision to sell your house, any house, and you should take your time. Perhaps you’ve wondered how to auction a house online. For some, it is a workable option. Actually, as we live in the digital age, online auctions are increasingly popular. You will first have to locate a real estate marketer online who helps you auction your house. They will ask you a lot of questions to help you get started, and of course, they will charge you a fee. It works much like a physical auction, except the property is listed online and bids are taken online. Once the bids are in and selected, closing will take between 30 and 45 days on average.
Another Viable Option – Cash Home Buyer
Maybe you’re wondering now, Should I auction my house or not? It can sound very complicated. But there is another option that is easier, faster and less involved. Talk to a cash buyer. It can be a better option than putting your house on the market. Actually, it can save you a lot of time, effort and worry to sell to an investor who pays cash for houses.
How Selling to a Cash Buyer Works
A cash buyer is a real estate investor, who pays you cash for your house. They will do an informal inspection of your property and make you a cash offer. You do not have to make any repairs or spend time and money getting the house ready to show. Cash buyers will make their offer on our house as-is, meaning they will take it just like they see it. You’re not out time or money for costly repairs, and you have the money in your hand. There’s no need to list the house or wait for bids to come in through an auction.
The other good thing about selling to an investor is there is not waiting a month or more for closing. The investor will handle all the paperwork, and have it processed quickly and painlessly. Selling to a cash buyer is fast, easy and stress free. It’s the fastest option available!
We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At I Buy SW MI, we’re here to help you. Ready to sell, or just have a question? Give us a call at 231-392-3262. We’ll give you a no obligations cash offer to help you stop foreclosure in its tracks!