One of the biggest misconceptions pertaining to real estate auctions is that the homes listed at these auctions are only short sales or foreclosures. You can decide to list your home for sale at a local real estate auction if you desire. Many of these types of auctions allow you to specify a minimum bid or reserve, helping to ensure you will get a minimum amount for the house that you can live with. Before you list your home, you should learn about the benefits. Here are some of the benefits of selling your home at a real estate auction.
You Don't Pay High Real Estate Commissions Or Fees
One of the benefits associated with selling your home at a real estate auction is that you do not have to pay any real estate commissions or fees to a real estate agent. Real estate agents typically get 5 to 6 percent of the sale of a home in commissions, which can be a lot of money with the average price of homes. When you list your property at a real estate auction, the auction does get a fee for listing your property, but it is significantly less than what you would pay a real estate agent.
You Can Sell Your Home Quickly
Another benefit associated with putting your home in a real estate auction is that you can sell your home quickly. The real estate market is starting to cool, and that means your home may be sitting for weeks or even months waiting for the right buyer to come along. When you put your home in an auction, serious buyers see your home and can bid on it, helping it to sell faster.
You May Create A Bidding War For Your Home
Lastly, buyers can get into a bidding war at auctions. If two or more people want your home, they may go back and forth, bidding the price of your home up. It is not uncommon for homes to go for higher than what a seller thought they would get for the property because buyers got into a bidding war.
If you are looking to sell your home quickly, putting your home up for auction with a real estate auction service can be a great way to get your home listed and sold quickly without having to pay for a real estate agent. You may also be able to maximize the amount you get for your home. Reach out to a local real estate auction service to learn more.