While selling a house at auction is becoming more popular because of the speedy transaction and lack of real estate agency fees, Missouri sellers should be aware of the potential downside to this method.
Should you auction off your home in St. Peters, Missouri? Find out the pros and cons of selling your house this way, as well as get helpful tips on making your decision.
If You Want To Sell Your St. Peters House At Auction, We Offer The Following Advice.
Before you list your St. Peters house for auction, remember that there are several hours to days or weeks of preparations beforehand. Also, in order to have your house successfully auctioned off in St. Peters, you must find a reliable and reputable auctioneer. With the many firms available today, be sure to do your homework before making a decision on which one is best suited for selling your home through an auction process. You might start by asking a friend or looking up auctioneers in our region of Missouri on the website of the National Auctioneers Association.
A few experienced auctioneers should be observed to get a feel for how they manage the process. Here is where you can find a list of current scheduled auctions in St. Peters, You’ll get a feel for what you do and don’t like about different auction companies by attending several of them. Get to know the people you enjoy being around, and also solicit feedback from others, at these sales.
Some companies might charge way more than necessary, so it’s important to confirm pricing before proceeding. Otherwise, the amount of profit you make could be significantly reduced—sometimes by a lot—because they might take a high percentage of the cost of the house. Furthermore, there could also be hidden fees that you don’t hear about initially, so make sure to ask about ALL potential charges up front. Check out more on auctioneer fees and commissions here.
If you don’t want to incur the cost of hiring an auctioneer, you can do it yourself. Although an auctioneer’s expertise may help increase the selling price of a home, as long as you’re clear with potential buyers about the terms of the auction (e.g., starting bid price and whether they need to bring cash or a check for a deposit), then you’re allowed to lead the bidding process. You can either choose to hold an outright or reserve auction.
Reserve or Absolute Auction
You will have the option to choose between an absolute or reserve auction after you select the St. Peters house auction company that is right for you. At an absolute auction, your home can be sold for any price; there is no minimum cost required. The highest bidder will send you what they are offering. If it is a reserve auction, the minimum offer must be met for the item to sell. However, even though it may seem like an easy choice between the two, reserve auctions aren’t always better. The deal might not go through and you could be stuck living somewhere you don’t want if no one is willing to bid higher than the maximum amount. To learn more about reserve auctions click here.
“No reserve” (a.k.a absolute) auctions usually draw in more potential buyers seeking a great deal, which could mean selling your house that day instead of not at all if they get caught up in the bidding war. Thoroughly weigh your options and decide what you value more before making a choice. An absolute auction is the best option to sell quickly if you’re located in St. Peters; however, If you’re worried about receiving too low of payment, maybe go for a reserve auction instead.
Important Reminders When Selling Your St. Peters Home At Auction
In St. Peters, it is crucial that you list any and all flaws your house has in the auction description–it’s one of the most important steps in selling your home. If you don’t disclose these issues to potential bidders and they discover them after winning the auction, they have every right to sue you for negligence.
If you’re planning to auction your home, don’t expect an outrageous selling price just because there’s more than one interested party. It’s important to set a reasonable asking price that you believe you will actually receive; otherwise, you might be disappointed or offended if it sells for less. Remember, the other bidders likely do not have the same sentimental attachment to the property as you do.
Although an auction typically won’t make as much money as a traditional real estate sale would, it is often quicker and can spare homeowners from extra stress.
Another Option For Your St. Peters Home Besides An Auction
Why are you even considering selling your St. Peters house at auction? If you are in a hurry to sell you property, you can also consider professional home buyers. There are many advantages to “we buy houses” companies compared to selling your home at auction. Overall, you may find that a professional home buyer solution accomplishes your goals even better.
If there is pressure to sell your house quickly due to illness, pending foreclosure, or other issues, a professional home buyer is even more appealing. They do not require updates, repairs, inspections or cleaning. Home buyers will by your property as-is and do so quickly. Often in as little as one week.
Fast Lane Real Estate buys homes in St. Peters. We want to acquire your house rather than put it on the market. In St. Peters, we buy houses in any condition. In addition to other regions of Missouri like Wentzville, Lake St. Louis, Fenton, and more, we buy houses in any portion of St. Peters. We purchase all kinds of homes including those that are in good condition, needing repairs, or having little to no equity. You won’t need to make any improvements to the house because we’ll pay a fair price for the house and close swiftly (in as little as 7 days). Plus, we have the ability to pay cash. You can read more about how we operate here. We have multiple great Google reviews you can check out here. We will never charge you commissions or closing costs. If you would like to find out how much we could pay for your house before making the decision to sell it at auction, please reach out to us by calling 314-310-8338. We will give you a free no-obligation, all cash offer. You have nothing to lose by checking into this option!