However, as with all things, there can be downsides to auctioning your home rather than selling it through the traditional real estate sale process with an agent or to a real estate investment firm like Sky Line Properties LLC.
This article will go over how to auction your house in Fort Wayne and surrounding areas and discuss the question of “Is Auctioning Your House A Good Idea in Fort Wayne IN?”
Is Auctioning Your House A Good Idea in Fort Wayne?
If you’re looking at auctioning off your Fort Wayne house, keep in mind that there are several things that you must take care of before the actual auction starts.
The “Do’s”
- In order to actually get your house auctioned off, you must first find an auctioneer in Fort Wayne.There are many auctioneering companies out there today, so do your research before picking one to represent your house. You can start looking in a local phone book, a referral, or head over to the National Auctioneers Association website and do a quick search for auctioneers here in our area of IN.Look for those with plenty of experience, or even try attending an auction or two to get a feel for how they run their company. Make sure to find out their fees that they charge for their services, as they can sometimes run quite high. In some instances they may take up to ten percent of the houses cost, greatly reducing the amount of profit that you will receive… sometimes much lower. Even if you don’t want to hire an auctioneer, you can do it yourself. A good auctioneer can really help drive the price of a house up with their skill… but you can run the auction yourself as long as you’re clear about the rules of the auction with bidders, the starting bid price, whether they have to have cash and a deposit at the auction, etc.
- Decide which kind of auction you want to run – Absolute or Reserve?Once you feel that you’ve selected the house auctioneering company in Fort Wayne that’s best for you, establish which kind of auction you want it to be, absolute or reserve.In absolute auctions there is no minimum limit that your house must earn in order to be sold.
- This means you are going to get the highest bid that there is.Reserve auctions are those that have a minimum limit, and if it doesn’t reach that limit, it doesn’t get sold. Although it seems like a clear choice between the two, don’t assume that reserve auctions are necessarily better. Bidders sometimes don’t want to pay the minimum amount and you’re left sitting on a house you don’t want. Also, auctions that are “no reserve” (or absolute) tend to attract more potential bidders to the auction looking for a great deal and if one of them gets wrapped up in the bidding frenzy that could mean the difference between selling the house that day and not selling it.Think carefully about making a decision, and try to decide what it is that you want more. If you want to sell your house as quickly as possible in Fort Wayne, an absolute auction might be better for you.
- Don’t leave out any faults about the house from your auction description A really important step in selling your house at auction here in Fort Wayne is to list all the problems that your property has. Don’t leave out any faults about your house, because if you do the buyers have a right to come after you for any flaws that you didn’t list out before the auction.
Lastly, and most importantly.
- Don’t go into an auction with fantasies of a bidding war erupting, leaving you with an enormous profit. Price your house reasonably, and don’t be dissatisfied if your house sells for less than you think it’s worth. There might be some attachment you have to the house that the bidders don’t have at all. Auctioning your house in Fort Wayne may bring in less money than a real estate sale, but it is relatively quick, and can spare you the heartache and stress of the more traditional approach. Just remember, be realistic when it comes to the outcome.
Thinking About Auctioning Your Fort Wayne House? Why?
You landed on this article for a reason… auctioning off your house has crossed your mind. Time? Speed? Not as many fees?
If this helps you sell your house quicker, why not?
Before you choose to auction off your local house, try some other methods.
Our company, Sky Line Properties LLC, buys Fort Wayne area houses. We’re not looking to list your house… we’re looking to actually buy it.
- In any condition
- In any area of the town and even in other parts of IN
- Beat up houses, charming houses, even houses in need of a variety of repairs!
- houses with lots of equity and even houses with little or no equity
We’ll pay a fair price, we can close fast (in as little as 7 days), and you won’t have do any work on the house, at all!
See what you can get for your house with us before you auction off your house.
You can call us anytime at (260) 220-8715 or just click the link below and fill out the form on the next page to start the process.
So, Is Auctioning Your House A Good Idea in Fort Wayne?… that’s up to you to decide. But if you want to see if working with us makes more sense first before you jump into the “auction” world… submit your info below to get started today!
Get A Cash Offer On Your Fort Wayne Area House Here >>
Here’s another great read that we found when writing this article on some more tips and questions you should ask yourself before you auction off your house.