Selling Your House At Auction | How To Sell Your House At Auction
- 7 years ago
Selling a Home at Auction
http://realestatevirtualtoursaustralia.com.au/selling-your-house-at-auction/
So, you decided that you would sell your house and put it on the market, and then you sat back and waited for potential buyers.
You waited, a few weeks, which then turned into months, and now a year later you are still living in the same house. You did find a new home to move into, but as you could not sell your own property, you could not free up the finances to buy it so that fell through.
So what can you do?
Well, you can always put your house in an auction and sell it quickly.
But that idea of selling your home by auction sometimes sends people running for cover and many people associate auction sales with distress, as they have images of their house being sold for just a few hundred dollars.
That is not what happens in real-world property auctions though. In order to protect the price, you put in a reserve.
If that is not met then the property does not sell, it is as simple as that.
Now selling your house at auction means that you as the seller will set the price of the property as well as the minimum bid.
There are certain factors that should be taken into consideration when setting this price and your real estate agent or auction company will be able to assist you in this.
Your location, market, and condition of the house will determine the value of your home.
You may discover that the asking price of your home is not as much as you thought it would be. If you end up in a position where you are desperate to move then you probably would accept an offer and may end up worse off than if you had gone to auction in the first place.
So, you need to weigh up a number of variables before you decide whether to sell at auction or not.
One thing you must take note of before selling your house at auction is that the auctioneer will take a percentage cut of the total sale price.
So when placing a reserve it is worth taking this into account. So how do you decide on a reserve price?
Well, it is the absolute minimum you will take for the property.
If you do not think you can work that out then deduct 3% to 5%.
Whether your property meets the reserve or not will also depend on which auction house you use.
For this, you need to do a lot of research and find out which auction house sells the most properties, and what the average price is.
Also, you need to look into which days sell the most properties, maybe they have a day every month that outperforms all of the others.
When you do decide on selling your house at auction, and the day arrives when they will be bidding on it, then you will be a bag of nerves.
So, get there about an hour before the auction, and have a coffee somewhere nearby. Always stay at the back of the auction, and do not make a noise or movement when your property is being bid on.
If it meets the reserve then well done, you now have one less thing to worry about, and cash in your pocket.
If it fails to meet the reserve then you can try auctioning it with one of the online services or go back to using an agent.
If you like this video, why not click the like button below and also subscribe to my channel.
**********************************************************************
This presentation contains images that were used under a Creative Commons License.
Click here to see the full list of images and attributions:
https://app.contentsamurai.com/cc/92060
**********************************************************************
https://www.youtube.com/watch?v=vteOvnmw_IM
http://realestatevirtualtoursaustralia.com.au/selling-your-house-at-auction/
So, you decided that you would sell your house and put it on the market, and then you sat back and waited for potential buyers.
You waited, a few weeks, which then turned into months, and now a year later you are still living in the same house. You did find a new home to move into, but as you could not sell your own property, you could not free up the finances to buy it so that fell through.
So what can you do?
Well, you can always put your house in an auction and sell it quickly.
But that idea of selling your home by auction sometimes sends people running for cover and many people associate auction sales with distress, as they have images of their house being sold for just a few hundred dollars.
That is not what happens in real-world property auctions though. In order to protect the price, you put in a reserve.
If that is not met then the property does not sell, it is as simple as that.
Now selling your house at auction means that you as the seller will set the price of the property as well as the minimum bid.
There are certain factors that should be taken into consideration when setting this price and your real estate agent or auction company will be able to assist you in this.
Your location, market, and condition of the house will determine the value of your home.
You may discover that the asking price of your home is not as much as you thought it would be. If you end up in a position where you are desperate to move then you probably would accept an offer and may end up worse off than if you had gone to auction in the first place.
So, you need to weigh up a number of variables before you decide whether to sell at auction or not.
One thing you must take note of before selling your house at auction is that the auctioneer will take a percentage cut of the total sale price.
So when placing a reserve it is worth taking this into account. So how do you decide on a reserve price?
Well, it is the absolute minimum you will take for the property.
If you do not think you can work that out then deduct 3% to 5%.
Whether your property meets the reserve or not will also depend on which auction house you use.
For this, you need to do a lot of research and find out which auction house sells the most properties, and what the average price is.
Also, you need to look into which days sell the most properties, maybe they have a day every month that outperforms all of the others.
When you do decide on selling your house at auction, and the day arrives when they will be bidding on it, then you will be a bag of nerves.
So, get there about an hour before the auction, and have a coffee somewhere nearby. Always stay at the back of the auction, and do not make a noise or movement when your property is being bid on.
If it meets the reserve then well done, you now have one less thing to worry about, and cash in your pocket.
If it fails to meet the reserve then you can try auctioning it with one of the online services or go back to using an agent.
If you like this video, why not click the like button below and also subscribe to my channel.
**********************************************************************
This presentation contains images that were used under a Creative Commons License.
Click here to see the full list of images and attributions:
https://app.contentsamurai.com/cc/92060
**********************************************************************
https://www.youtube.com/watch?v=vteOvnmw_IM