Can I Sell My House at Auction?

Sometimes you need to sell your home quickly. Maybe you’ve had a job transfer and you need the equity from your home to relocate. You might be facing foreclosure. Perhaps you just don’t want to go through the lengthy process of listing your home, opening it to a stream of inquisitive strangers, and waiting to receive an offer. Some people think that selling at auction allows them to get cash fast without the headaches, but is that true?

Selling Through a Realtor

The traditional way to sell a home involves hiring a Texas realtor and allowing him or her to list your home on the Multiple Listing System (MLS). The realtor will handle advertising and provide you with tips for getting your home ready for sale. Buyers will make offers through your realtor, who will help you make sense of contracts and decide which offer to take. In return, your realtor receives a percentage of the sales price.

Realtors are governed by the Texas Real Estate Commission, which provides real estate licenses, makes sure agents abide by state rules and regulations and ethically represent their clients. Failure to comply with regulations can result in a loss of a real estate license.

There are a few drawbacks to selling through a realtor. First, the money you pay in commissions takes a chunk out of what you receive for your home. If you must sell for less than you hoped, that amount can create financial difficulties. Selling with a realtor takes time. Also, buyers often require your home to be in pristine condition at closing. If your home needs repairs, you may have to invest a considerable sum to get it ready for sale.

Is an Auction a Good Option to Sell My House Fast?

If you are thinking of selling your house at auction because you want to get the best offer in the shortest amount of time, here are a few things to consider:

  • Auctions take time to advertise and set up. Selling at auction may take 45 to 60 days from listing to closing. Fast compared to a traditional realtor, but maybe not as fast as you expected or need.
  • Auctions cost money. You will pay a percentage of the sale price to the auction company
    plus the auctioneer’s commission, advertising, administrative and legal costs. If the house doesn’t sell, you are still responsible for the bulk of these fees.
  • Auctions attract a large number of real estate professionals looking for a bargain. Not the crowd to get into bidding wars, which some auction companies would have you believe is the advantage of an auction.
  • Your house may not sell at all. If you agree to accept the highest bid, you may be forced to sell for much less than you hoped or expected. If you set a minimum bid you’ll accept, you’ll draw fewer bidders and they may not bid your reserve. You’ll have to start over again.

There is no single right way to sell your house quickly, and auctions are not the only available option. If you need to sell your house today, consider selling to sellmyhometoday.com. The process is quick and there are no inspections and no repairs involved. Call (972) 643-8320 today to learn more.

2018-03-19T09:43:21+00:00