The Basics of Selling Your Home at a Real Estate Auction

The Basics of Selling Your Home at a Real Estate Auction

If you need to sell your house as quickly as possible, you might want to think about having a real estate auction. One of the nice things about selling your house through a real estate auction is that you will get ten percent of the selling price right away. It's also nice to know that you won't have to worry about a long drawn out closing. All sales on houses sold through a real estate auction have to be closed with twenty-eight days of the auction. One of the first things you are going to have to do after you have decided that selling your house at an auction is the right choice, is to select an auction home. You should not just flip open the phone book and sign up with the first auction house that you see. You want to make sure that you are dealing with an auction house that has a good reputation, who will provide you with an experience auctioneer, and who isn't going to charge you an outrageous sales commission. You need to speak to several different auction houses and select the one that best suits your needs. The average auction house will usually charge a sales commission of 2.5 percent of the final sales price; you usually have to pay the sales commission right away. You should also find out how much the auction house will charge your home doesn't sell. This is money that will come directly out of your pocket. Before the auction starts you and the auctioneer need to discuss what kind of prices you will accept for the house and what is simply to low. Knowing your bottom line will influence how the auctioneer runs things. The one thing that you have to remember if you are going to sell your house via a real estate auction is that you have to be out of the house in less than twenty-eight days. This means that you have to pack up and move out quickly. This sometimes poses a problem because it takes a while to get packed and most houses look better when they are full of furniture. Something that many home owners do when they are selling their home via a real estate auction is they sell all their furniture as well. This means that prospective buyers will get to see the house with furniture and that you don't have to worry about being in a huge hurry to pack all of your possessions. Selling your furniture is also a good way to make some extra money. Those with an interest in real estate realized that the current real estate market is ripe with investment opportunities. Remember that the only way to profit in a buyers market is by actually purchasing real estate. Sitting on the sidelines watching the opportunities pass by will only result in the ability to look back at some point and dream of what could have been.