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Something about auctions that should not escape the home seller is the potential risk that if you put your home on the market below market value and someone meets your price you are obligated legally to sell your home for that price. There are a couple of safety measures that can be put into place to protect this potential downside but they need to be implemented ahead of time and not after a real estate lead turns into a real buyer by meeting your price. Multiple home buyers are the only way to have the potential of creating a sales atmosphere that results in a price that is either what you are looking for or potentially higher.
Higher is always better but you need to make sure that enough real estate leads are there ready willing and able to bid on your home. This is up to the auction company and should not be attempted by a novice.
The auction process can be a truly beneficial one, but please don’t light that fuse until you are secured against a potential loss. Real Estate leads know that they are coming to make an offer, but like car accidents they also come just for the curiosity of the moment so don’t worry about the number of attendees. Concern yourself only with the number of real estate leads that have registered to bid.
Put a reserve price on the home. Reserves are the minimum that you are willing to sell for. The reserve can be lifted during the auction but without a reserve you could wind up in a rather uncomfortable situation. If the reserve is not met but the buyers are getting close, lift the reserve and once people know that the house is 100% going to be sold a new shot of adrenaline is injected into the bidders and many times the bidding accelerates.
Auctions are all about enthusiasm and if there is enough enthusiasm buyers can at times act impulsively or even irrationally, both can be good news for the home owner looking to sell their home for the best price possible. Remember reserve does not mean that you are stuck on that price but it is a stop gap measure to ensure that you are not left with a single offer that is substantially less than needed.
Auctions depend on the number and the desire of the potential home buyer leads that attend. Circumstances out of the control of you and your agent can work against you. Auctions have seen light attendance because of inclement weather, traffic accidents and any number of different outside influences that you and your Real Estate agent don’t have any influence on or control over.
This is really good information if you’re looking to sell a home. The warning concerning auctions should serve as a reminder to let the seller beware of blindly going into unfamiliar territory. A good grasp of what the weather will be like on auction day seems to be in order if one is looking to sell a home. However, if I’m a buyer, I would think that the lousier the weather, the fewer people there to bid on the homes.
The saying goes “A Market of one is highly inefficient” but I guess if you are the “one” that could be a good thing?
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