Selling a house at an auction is a trend that is gaining popularity quickly. Having a quick transaction, the relief of no real estate fees, and often a profit for the seller. Those are just a few benefits of selling at auction. However, there are disadvantages to selling a house in Atlanta, Georgia, at auction as well.
I’ll discuss some of the dos and don’ts of selling your house at auction in Atlanta, Georgia. As well as provide a helpful input on the question, “Is Selling Your House at Auction in Atlanta, GA a good idea?”
If You Want To Sell Your Atlanta House At Auction, We Offer The Following Advice.
If you’re thinking about selling your Atlanta house at auction, then you need to remember that there will be several hours to days or even weeks of preparations to be made before the sale starts. To have your house auctioned in Atlanta, you first need to find an auctioneer. These days, there are many auctioneering firms available. Make sure to do your research before selecting one to sell your house. You might start by asking a friend if they know anyone or looking up auctioneers in the region of Atlanta on the website of the National Auctioneers Association.
Go to a few auctions and look for people with a lot of experience to get an idea of how they handle things. Here is where you can find a list of current scheduled auctions in Atlanta. Attending several of these may give you a guide of what you do and don’t like about various auction companies. Make sure to connect with the companies you like and ask others for input at these sales.
Some company’s rates might be extremely outrageous, so be careful to ask them what they charge for their services. The amount of profit you would make would be significantly reduced—in certain circumstances because the company might take a high percentage of the cost of the house. You’ll want to make sure to ask about any and all fees as there could also be hidden fees that you don’t hear about from the beginning. Click here for more information about the fees of an auctioneer and what else you need to know about them..
If you don’t want to pay for an auctioneer, you can even do it yourself. A skilled auctioneer can greatly help to raise the price of a home with their skill. However, provided you are clear with bidders about the auction’s terms, for example- starting bid prices and whether or not the buyer must bring cash and a deposit to the auction, you can certainly conduct the auction yourself. You should also choose between holding an outright or a reserve auction.
Absolute or Reserve Auction
Choose between an absolute or a reserve auction after you’ve chosen the auction company that’s best for you. Your house can be sold at an absolute auction for any price. There is no minimum required. As a result, you will receive the highest bid that someone is able to give. In reserve auctions, the minimum offer must be met in order for the house to be sold. Even though it seems like an obvious winner between the two, reserve auctions aren’t always a better option. Your house might never be sold. You might be forced to live in a place you don’t want if bidders are unwilling to exceed the maximum price.
Considerably, “no reserve” -also known as absolute- auctions tend to draw more prospective bidders looking for a great offer. This can mean the difference between selling the house that day or not at all if one of them gets caught up in a bidding war. Before making a decision, thoroughly weigh all of your options and try to decide what you value more. An absolute auction is the best option if you want to sell your house in Atlanta as quickly as possible. In the case that you are concerned about a very low selling price, a reserve auction might be a better choice for your goals.
Important Reminders If Selling Your Atlanta Home At Auction
Any problems in the house should be mentioned in your description at the auction. Making a list of all the problems with your house is a very important task in selling it at auction in Atlanta. The bidders have the right to sue you for any problems you omitted to disclose in your house before the auction if you do not acknowledge them.
Don’t enter an auction expecting a bidding war to start and to walk away with a great profit from it. Set a reasonable price that you anticipate getting, and don’t be offended if it sells for less than what you thought. The other bidders might not have the same emotional connection to your home like you do.
An auction might not make as much money as a standard real estate sale, but it is usually rapid. Having an auction sale can spare you the pain and aggravation of the more conventional approach.
Another Option For Your Atlanta Home Besides An Auction
Why are you even considering selling your Atlanta house at auction? If you are in a hurry to sell your home, you can also consider professional home buyers. There are many advantages to “we buy homes” companies compared to selling your home at auction or with an agent. Overall, you may find that a professional home buyer solution accomplishes your goals even better than you were expecting.
If there is pressure to sell your house quickly due to things like illnesses, pending foreclosure, or other issues. A professional home buyer is even more appealing. They do not require updates, repairs, or cleaning. Home buyers will buy your property as-is and they will do so quickly. Often in as little as one week. We Buy The Southeast buys homes in Atlanta. We want to buy your house rather than put it on the market. In Atlanta, we buy homes in any condition. We buy homes in any portion of Atlanta. We purchase homes that are either attractive, hideous, in good condition, needing several repairs, having equity, or even having little to no equity. You won’t need to make any improvements or changes to the house because we will pay a fair price and close swiftly (in as little as 7 days) and we will pay cash. You can read more about how we can help you here. We have never charged commissions or closing costs. Before you decide to sell your house at auction, find out how much we can pay for it. Please get in touch with us by calling 866-987-0072. We will give you a free no requirement offer. You have nothing to lose by looking into this option.