Some people view auctions as a quick and simple fix to getting rid of the property they no longer want. The high-stakes environment breeds buyer urgency, houses can sell in less than 30 days, and no negotiations or sellers-expenses are typically involved. While home-auctioning isn’t all rainbows and roses, if auctioning is an avenue you’re seriously considering, you’ll want to be aware of the types of home auctions there are, as well as how to properly sell at an auction.
Put simply, there are three main types of home auctions. To start, let’s look at the absolute auction. Generally speaking, this form of auction is the most popular among sellers due to the lack of reserve or hidden minimum price. As a result of there being no minimum bid amount, the property in question will go to the highest bidder, regardless of what the final bid is. Of course, that leads us to the section auction type: the minimum bid auction, wherein the lowest acceptable price is set prior to the start of the auction itself. Once the minimum price has been reached in the bid process, the home will typically go to the highest bidder and the auction comes to an end. Finally, there is the option for a published reserve auction. In this instance, a lowest acceptable minimum price is again set, but the bidders choose the starting price of the bid process. Here, if the bidders fail to hit the minimum price, the auctioneer will neither reject or accept the bid, though the seller also has the ability to make a counter offer.
Once you’ve determined an auction is your selling process of choice, there are a few choices you need to make. First of all, you need to find the right auctioneer and verify their history and credibility. Only after you’ve found one will you want to determine which of the three aforementioned auction options is best suited to your goals. From there, ask yourself how you want your bidders to qualify as acceptable buyers. Do they need to show proof of decent credit? Do they need to walk in with a certain portion of the selling price readily available and on-hand? Finally, after you’ve made up your mind about your prospective bidders, you’ll need to determine how you’ll actually accept bids. Do you want to hold an “on the lawn” auction in front of your property? Would you rather auction your property alongside other pieces of property in a “ballroom” bid setting?
At the end of the day, the process of auctioning off your property involves a variety of decisions and considerable time spent researching what best suits your needs.
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Why Turn to Freedom Home Buyers?
The auctioning process, while it appears to be convenient and upfront, does not guarantee you’ll walk away with the money you need or desire. Freedom Home Buyers, on the other hand, is locally owned, trusted, and ready to give you fast cash for your property. Avoid the ache of home auctions by selling with Freedom Home Buyers today. We’ll even pay for closing and repair costs!
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1605 King Street
Jacksonville, Fl 32204
Who is FREEDOM HOME BUYERS?
Freedom Home Buyers is a local Jacksonville company with the experience in purchasing real estate. We have over 400 successful deals under our belts in the past 4 years. Unlike some "Cash For Houses" businesses, we are an established member of the Jacksonville community. Our office is located in the historic Riverside district @ 1605 King Street. We have a full staff of trained professionals to help you with your real estate needs. We are BBB ACCREDITED. You can rest assured that Freedom Home Buyers can help solve your real estate problems.
* We are not lawyers, nor are we attempting to provide legal advice in any way. Please always seek the advice of qualified legal council if you have questions about real estate or any other legal matter.