Auction

Beginner’s Guide on How to Buy a House at an Auction

how to buy a house at an auction

If you want to buy a house and save money, you should check out real estate auctions. Here is your guide on how to buy a house at an auction.

Are you thinking of selling your own home? Would you like to know the basic steps to selling a house?

You’re in good company. 5.5 million homes sold in the US in 2017 – and that figure is expected to rise over the next few years.

But with all the options out there, what’s the best way to sell a house? Should you do it yourself? List it online? Auction it? Hire a local realtor?

Don’t worry. In this post, we’ll discuss each of these options so you can find the route that’s best for you.

Selling Your Own Home

If you’re a do-it-yourself kind of person, you might be considering the “For Sale By Owner” (FSBO) route. Others choose this option to avoid paying commission fees to a realtor or agency.

For a motivated seller, this could be a viable option. Before you choose this route, though, you should know what you’re getting into.

Are you prepared to navigate every aspect of the selling process with no professional assistance? Are you equipped to market and advertise online and show your own home? Are you skilled at negotiating and understanding legal contracts?

Unless you have a strong marketing background, trying to sell your home on your own will likely be more trouble than it’s worth. You should also be prepared to wait a while, as selling on your own is almost always a slow process.

Selling Your Home at Auction

If you need to sell your house fast, an auction may be your simplest solution. How does it work?

Typically, you list your home for auction as-is and invite buyers to bid on it. There’s usually a deadline of 30 days or so, which helps to create urgency amongst bidders.

Another bonus is that the real estate agency handles all the paperwork, while the buyer handles all the fees. This leaves you, the seller, with very little to do in the process.

There are a few drawbacks, however. Bidders must meet much stricter criteria than a general buyer, which means your pool of potential buyers is smaller. Many buyers also mistakenly assume that auctions are only for distressed or foreclosed properties – which isn’t the case at all.

Hiring a Realtor

For the majority of sellers, the best way to sell a house is with the help of a professional realtor. In fact, 88% of sellers do so through a real estate agent.

Think of a realtor as your personal guide through the complicated world of real estate. They’re your official go-between to market and advertise your house until it sells. They’ll handle all the negotiations between prospective buyers or their agents.

In return for their services, they’ll receive a commission once your home is sold. The process usually takes longer than an auction but is almost always shorter (and more effective) than selling your home yourself.

What’s the Best Way to Sell a House?

The answer to that question is different for every family.

For most of us, the best way to sell a house is quickly and efficiently. That’s why many homeowners elect to use a realtor to help them through the process.

We at Sudduth Realty can help you sell your home quickly – and at a fair price. Click here to learn more.