Wednesday, April 9, 2014

Should I Sell My House at an Auction?

There are thousands of homes being auctioned off every month. These properties are bank owned, facing foreclosure, or distressed properties. Sometimes, home owners who want to sell the property quickly opted to sell it in an auction. Auction offers a fast and efficient way to sell but is it the right option for you?

As a home owner, when you sell your house at an auction, you will get the benefit of not having potential buyers snooping through the house for months only to find out that these potential buyers are just looking around.

In an auction, buyers are aware that they are bidding at a house that can be less than perfect. Most of the times, houses in an auction are sold as is, where it is, and in its present condition. The whole selling process can only take a few minutes with a maximum of 45 days to close.

Types of Real Estate Auction

Auction with Reserve – This type of auction allows the seller or agent to accept or reject any bid offer. For example, if the highest bid does not match with the seller’s reserve price, he has the right to decline the bid. This type of auction is sometimes a deterrent to buyers because they don’t have the assurance that they can purchase the house even if they offer the highest bid.

Minimum Bid Auction – A minimum price is predetermined by the seller and the auctioneer will only accept bids equal to or above the minimum reserve price.

Absolute Auction – In this type of auction, the house will be sold to the highest bidder regardless of the offered amount. Seller may or may not receive a fair market value offer to his property.

There are other options to sell a house quickly. One of the fastest ways is to sell to private investors. Private investors offer cash for your houses or any property, buy houses as is, and offers a fair price for your property.

Contact Lucas Properties today if you are ready to move your house.

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