| Selling your house on the auction block may not | | | | essential and should be regarded as one of the most |
| always be the best way to move a property, but it is | | | | valuable services from an auction house or real estate |
| one of the fastest means of sale. The accelerated | | | | broker. The advertising costs will be recovered by the |
| sale at auction is ideal for motivated sellers who need | | | | auction house when you pay your fees at the end of |
| to relocate to another area or persons who need the | | | | the transaction. And in rare cases, you may be asked |
| money without delay. | | | | to place a deposit upon registration with the auction |
| The absolute auction is a sales vehicle that puts the | | | | company. |
| property before the bidders with no reserve price | | | | Most auction houses use a method of payment similar |
| attached. An experienced auctioneer will generate a | | | | to a broker's closing cost. After the property is sold at |
| frenzy of excitement as the bidding wars begin. A | | | | auction, a percentage of the proceeds belongs to the |
| qualified auction house will have spent their advertising | | | | auction house. Fees generally begin around six percent |
| money well and accumulated a large crowd of serious | | | | and can sometimes top ten percent. However, just as |
| buyers. The property will be sold to the highest bidder, | | | | you would pay a broker or agent, the auction house |
| regardless of what that price may be. | | | | has earned its commission and provided you with a |
| The minimum bid auction is similar in that the process is | | | | quick and easy sale. Just be sure to verify if any fees |
| opened to the public, however, the seller may impose | | | | are due up-front. Some auction houses attach |
| a reserve price, or a minimum bid requirement. The | | | | everything to the back of the sale, and others may |
| bidders will put their offer in writing and it will be | | | | require a partial fee or deposit beforehand. |
| presented to the seller to accept or reject the offer. | | | | The auction block can sell your property quickly, but |
| And although the seller is protected against a low bid | | | | you must also be realistic about your profit margin. |
| that may put them in financial jeopardy, the auctioneer | | | | Savvy bidders know the market value of the homes |
| will attempt to motivate the bidders and can often | | | | and may have done a study of the "comps", or the |
| fetch a higher price that the minimum bid. | | | | value of similar homes in the neighborhood. The auction |
| The auction house will need about six weeks to gather | | | | sale price will rarely exceed the property's market |
| information on your home and see to it that the | | | | value, and in most cases provides a nice discount to |
| property gets its fair share of advertising. This is a | | | | the buyer. So be realistic and content with the selling |
| service that a real estate company would provide to | | | | price and remember that your home has moved at |
| you, but like selling a home through a broker, nothing is | | | | breakneck speed through the real estate transaction |
| free. The marketing aspect to selling a property is | | | | process. |