Home auction by owner may be the alternative if your property has been on the market for a while. If you have tried the conventional methods of real estate sales as a For Sale by Owner or with the assistance of a real estate agent and still your home remains on the market, consider an auction by owner, including online bidding.
The For Sale by Owner "FSBO" usually has limited equity and limited ability to market its property the way a professional real estate agent or auction company would. Yet adequate exposure for the property is essential to get the highest price. There are many reasons to consider an auction company; however, now there is an auction system for FSBOs. It is a 16 page booklet, explaining in detail "How to Auction Your FSBO in 14 days", written by an Auctioneer and Real Estate Broker. It comes with a CD for your computer with templates and forms on the level with top performing real estate agents and auction companies. Online bidding and MLS are components of the intense marketing campaign. It is everything you need to auction your home in 14 days in the most economical ways possible.
Auction Sales are Growing
Auction is the new "buzz" word in the real estate industry as market conditions require more intense marketing and specific timelines in order to sell properties quicker. The National Auctioneers Association (NAA) has documented a 40% increase in residential real estate sales by auction. In December, 2007, the National Association of Realtors (NAR) predicted by the year 2010, 30% of all real estate sold will be by auction.
Current Market Value
A real estate auction is the purest way to determine the current market value of your home. Once a competitive bidding environment has been created, buyers will bid up to what they are willing to pay. Auctions are attractive to buyers because they are always looking for the "deal". However, competitive bidding will drive the price up. Sellers look to the Auction method when they are highly motivated to sell, wish to sell quickly because of circumstances or wish to liquid to re-enter the market as buyers. Whenever a short sale is desired, auctions should be considered.
Auction does not necessarily mean losing money. Consider what it cost to hold the property, (mortgage, maintenance, taxes and insurance) for say six (6) months vs. auctioning your home for slightly less right now. Consider the selling cost to sell it the conventional way, using a real estate brokerage (typically a 6% commission, repair costs, your closing cost and, in a buyer's market as we are in today, the seller would most likely pay the buyer's closing cost also). With auction, you may not pay any commission. More than likely, you, as the seller, will pay the expense of marketing your property and your selling cost would consist of only your closing costs.
Auctioned properties are generally sold, "as is," and without any contingencies, such as inspections which can result in repairs the seller would have been expected to pay for. "As is" does not mean you do not have to dislose all things known about the property to the buyer. In fact, the buyer should get inspections and / or appraisals before the auction in order to know what he / she is buying, "as-is." Since there are no contingencies, including the buyer's ability to get financing, usually auctions close within 30 days with cash or financing already in place. Auctions bring "ready" buyers.
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Source by Diana Stansberry