Should I Sell My House at an Auction?

There are thousands of homes being auctioned off every month. These properties are bank owned, facing foreclosure, or distressed properties. Sometimes, home owners who want to sell the property quickly opted to sell it in an auction. Auction offers a fast and efficient way to sell but is it the right option for you?

As a home owner, when you sell your house at an auction, you will get the benefit of not having potential buyers snooping through the house for months only to find out that these potential buyers are just looking around.

In an auction, buyers are aware that they are bidding at a house that can be less than perfect. Most of the times, houses in an auction are sold as is, where it is, and in its present condition. The whole selling process can only take a few minutes with a maximum of 45 days to close.

Types of Real Estate Auction

Auction with Reserve – This type of auction allows the seller or agent to accept or reject any bid offer. For example, if the highest bid does not match with the seller’s reserve price, he has the right to decline the bid. This type of auction is sometimes a deterrent to buyers because they don’t have the assurance that they can purchase the house even if they offer the highest bid.

Minimum Bid Auction – A minimum price is predetermined by the seller and the auctioneer will only accept bids equal to or above the minimum reserve price.

Absolute Auction – In this type of auction, the house will be sold to the highest bidder regardless of the offered amount. Seller may or may not receive a fair market value offer to his property.

There are other options to sell a house quickly. One of the fastest ways is to sell to private investors. Private investors offer cash for your houses or any property, buy houses as is, and offers a fair price for your property.

Contact Lucas Properties today if you are ready to move your house.

How to Sell Your House Quickly

A house is one of the most valuable possessions a person can own; not just for its financial value but also for its emotional value. Yet, there may be a time that you will have to sell your house for reasons equally as important.  When you want to sell your house, you would not want it to sit in the market for months. It is only normal that you will look for option where you can sell your house the quickest way and get the most money.

Set the price accordingly. Regardless of which route you will go, setting the right price is the deciding factor whether your house will sell or not. You simply cannot sell your house for the same amount that you have bought it or even invested on it. You can research the local market and look for a house currently on sale with features similar to your own. Use its selling price as your basis in setting up your own. Once you have determined your selling price, you can check the different ways to sell your house. Your options will include selling your house in an auction, coordinate with a real estate agent, for-sale-by-owner, or choose a private property investor.

If you sell your house in an auction, you can be sure that you will have the right buyers. Those who join an auction have the financial ability to purchase your house. Buyers who bid knew that if they win, they are obligated to pay for the property at the set amount. However, there is also a chance that your property will fail to sell and you waste the entry fee for nothing. With FSBO and realtor route, you still have to invest money either by paying the realtor or marketing the property yourself without the assurance that your house will sell. To ensure a quick and easy sale, sell your house to private property investors such as Lucas Properties LLC. They will pay you in cash and they will take care of the after-sales documents so you can go away with your cash and move on sooner than you can think of.

Why Do Sellers Turn to Auction?

After trying to sell their land traditionally on the Multiple Listing Service without success, owners turn to auction. Auction is a very efficient way to sell a property knowing that the buying public is aware that the owner is committed to a direct and immediate sale. Land owners prefer to sell their property in an auction because of the advantages it presents.

The publicity or marketing advantage that an auction has is one of the biggest attractions. Land owners who want to sell the property quickly can directly meet the eager buyers. They can deliver the property details easily and convince buyers to close the deal. In an auction, the land owner is protected by the reserve price. The owner and the auctioneer set the reserve price after assessing the potential buyers’ bidding strength and the property’s market value. The buying public should bid no less than the reserve price and in accordance with the terms and conditions set by the owner or vendor.

Properties being sold at an auction have an unconditional contract which means the bid winner should proceed with the settlement on the agreed date. The seller does not have to wait for the buyer to obtain financing from the bank. Buyers from an auction are ready and willing to buy. They are also pre-qualified which means before they can participate in an auction they are required to deposit a certain amount or certified cashier’s check according to the NAA (National Auctioneers Association).

The auction process typically takes 4-6 weeks. It involves the property being held by your chosen auctioneer within the given time frame wherein the auctioneer will market the property and find potential buyers. It is clear that placing the property in an auction has its advantages but what if you don’t have 4-6 weeks? What if you need to sell your property as quickly as possible? Fortunately, you have another option. You can sell your land to a private land investor like Lucas Properties LLC. With Lucas Properties, you don’t have to wait.