Have you ever thought about selling your house in Phoenix, Arizona at auction? If so, it’s important to know what the pros and cons are. Selling a property through an auction is quickly becoming more popular due to its many advantages such as a quicker transaction process with no real estate agency fees, often resulting in greater profits for sellers. However, there are some disadvantages of which one should be aware before deciding whether or not this method could work for them. In this article I will provide assistance by discussing both the dos and don’ts of selling your house at auction in Phoenix, AZ along with helpful input on if doing so even makes sense!
If You Want To Sell Your Phoenix House At Auction, We Offer The Following Advice.
If you’re considering selling your Phoenix property through an auction, remember that there’s a significant amount of preparation involved before the actual sale. To have your home put on the auction block in Phoenix, first locate an experienced auctioneer. With so many firms available these days, make sure you do some research prior to selecting one for this task! Ask friends for recommendations or search online at the National Auctioneers Association website; here you will find a comprehensive list of specialists from our region in Arizona.
Attend several auctions in Phoenix to get a better understanding of how different auction companies handle things. Here is where you can find auctions in Phoenix, AZ. Observe seasoned veterans and take note of what you appreciate and find unappealing from the various firms. Feel free to mingle with anyone who may be of interest, as well as ask around for feedback about their experiences at these events. This can serve as an invaluable resource when it comes time for you to select one yourself!
When researching auctioneers, be sure to inquire what their fees are as some could charge astronomically high rates. This would significantly reduce the amount of profit you make on a property sale or rental, sometimes drastically so, due to them taking an extensive cut out of your total cost. Additionally, there may also be surreptitious costs that they don’t mention upfront; it is essential to ask about ALL charges prior to committing. For more information regarding how much auctioneer commissions and fees can range from one agency to another, read this article here.
If you’re looking for an alternative to hiring a professional auctioneer, then consider conducting the sale yourself! By merely being transparent with prospective bidders on the terms of your auction, such as starting bid prices and whether cash/deposits are required, you can still execute a successful property sale. Choose between holding either an outright or reserve bidding style event, both of which have been known to increase home values thanks to their competitive nature.
Absolute or Reserve Auction
When selecting the Phoenix house auction company that’s right for you, don’t forget to choose between an absolute or a reserve auction. With an absolute auction there is no minimum required, your home can be sold at any price and will go to whoever bids highest! Whereas in a reserve sale, the home won’t be released unless the bottom-line offer is met. So whatever route you decide on, make sure it works best with your desired outcome! Although it appears to be the obvious choice, reserve auctions don’t always guarantee results. If bidders are unwilling or unable to surpass the maximum value placed on a certain asset, then you may end up living somewhere that isn’t your preferred location. And worse yet, if no one bids high enough, the house could remain unsold! To gain more clarity regarding this process click here.
When it comes to selling your home in Phoenix, opting for an absolute or “no reserve” auction can be the difference between a sale and no sale at all. It will draw more bidders who are looking for a great offer and could end up with you selling your house on that same day. To help make this decision easier, consider what is most important to you. If speed of sales matters more than price then go ahead with an absolute auction; however, should you have worries about underselling yourself then opt instead for a reserve option. So before making any decisions research your options carefully and decide which best meets your goals!
Important Reminders If Selling Your Phoenix Home At Auction
When listing your house for auction in Phoenix, it’s critical to be as transparent and honest as possible regarding all of its flaws. Make sure you accurately list any existing problems with the property. Failing to do so could result in being sued by potential bidders who discover defects that were omitted from your original description. Doing due diligence now will save headaches down the road!
If you want to make a good profit when entering an auction, don’t rely on a bidding war. Set your expectations for the price you are looking for and be prepared that it might not sell at that cost. Other bidders will not possess the same emotional attachment to the home as you do, so don’t take offense if it doesn’t meet your target figure. Although auctions could potentially bring in less money than real estate transactions via conventional means, they can save time and hassle from tedious processes making them worth considering!
Another Option For Your Phoenix Home Besides An Auction
Are you contemplating auctioning off your Phoenix home? If so, you might want to examine the advantages of using a professional “we buy houses” company instead. Selling with these businesses may be much more efficient than an auction and could help you reach all of your real estate goals faster.
If you are facing a time crunch due to an illness, pending foreclosure, or another issue and must quickly sell your house, then investing in the services of a professional home buyer should be seriously considered. Considering FBSO? Learn more about selling your property yourself here! Unlike many other buyers who demand that the property is updated and repaired prior to purchase; these companies will buy your Arizona house “as-is” without hesitation! Furthermore, they provide swift transactions so you can have cash on hand fast! Often in as little as one week.LRT Offers buys homes in Phoenix. We want to buy your house with cash rather than put it on the market. In Phoenix, we buy houses in any condition. In addition to other regions of Arizona like Mesa, Glendale, Tempe, and more, we buy houses in any portion of Phoenix. We purchase homes that are attractive, ugly, in good condition, needing major repairs, having a lot of equity, and even having little to no equity. You won’t need to make any improvements to the house because we’ll pay a fair price, close in 7 days or on the date of your choosing and pay cash. You can read more about how we operate here. We have many great reviews on Google you can check out here. We pay all closing costs and never charge commissions. Before you decide to sell your house at auction, if you’d like to find out how much we can pay for it, please get in touch with us by calling 602-362-4742 or fill out our form below. We will give you a free no-obligation offer. You have nothing to lose by checking into this option.