Nevertheless, just like in all matters, there exist potential disadvantages to opting for an auction to sell your home, rather than pursuing the conventional route of selling it through a real estate agent or to a real estate investment company such as Flagship REI.
In this article I’ll dive into some of the do’s and dont’s of auctioning your house in Columbus and surrounding areas and discuss the question of “Is Auctioning Your House A Good Idea in Columbus GA?”
Is Auctioning Your House A Good Idea in Columbus?
In the event that you are considering the auction of your Columbus residence, it’s important to note that there are various preparations that need to be undertaken prior to the commencement of the actual auction proceedings.
The “Do’s”
- In order to actually get your house auctioned off, you must first find an auctioneer in Columbus.There are many auctioneering companies out there today, so do your research before picking one to represent your house. One place you can start is your local phone book, a referral, or head over to the National Auctioneers Association website and do a quick search for auctioneers here in our area of GA.Seek out individuals with ample experience, and perhaps even consider attending a couple of auctions to gain insight into their operational dynamics. It’s essential to ascertain the charges they levy for their services, as these expenses can occasionally be substantial. In some cases, they might claim up to ten percent of the property’s value, significantly diminishing your potential profit… and sometimes even more sparingly. Alternatively, if you’re not inclined to enlist the services of an auctioneer, you have the option to manage the auction yourself. A proficient auctioneer can effectively elevate the house price through their expertise, yet you can conduct the auction independently, provided you are explicit about the auction rules for bidders, the initial bidding amount, prerequisites like cash and a deposit during the auction, and so forth.
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Determine the type of auction you intend to organize – Absolute or Reserve? Once you have settled on the house auctioning company in Columbus that aligns with your preferences, make a decision regarding the auction type: either absolute or reserve. In absolute auctions, there exists no minimum threshold that your property must meet for a successful sale. Essentially, the highest bid attained is the amount you will receive. On the other hand, reserve auctions come with a predetermined minimum limit, and if the bidding does not reach this threshold, the property remains unsold. Despite the apparent clarity in choosing between the two options, refrain from assuming that reserve auctions are invariably superior. At times, if potential bidders are unwilling to reach the specified limit, your property might remain unsold, leaving you with an unwanted house. Additionally, “no reserve” (or absolute) auctions have a tendency to draw in a greater number of prospective bidders, as they seek exceptional bargains. If even one of them becomes engaged in the competitive bidding atmosphere, it could be the pivotal factor determining whether the house sells on that day or remains unsold. Think carefully about making a decision, and try to decide what it is that you want more. If you want to sell your house as quickly as possible in Columbus, then doing an absolute auction is the quicker option. If not, then perhaps a reserve auction would be more in your goals.
- Omitting any shortcomings of your property from the auction description is a critical aspect when selling your house through auction in Columbus. It is crucial not to overlook any issues with your house in the listing, as failing to disclose faults could potentially lead to buyers holding you accountable for any undisclosed flaws following the auction.
Last…
- Avoid entering an auction with unrealistic expectations of a bidding war driving up the price significantly, resulting in substantial profits. Instead, set a practical price goal that you aim to achieve, and be prepared to manage your expectations if your property sells for less than your perceived value. It’s important to recognize that your emotional attachment to the house might not be shared by the potential buyers participating in the bidding. While auctioning your property in Columbus could yield a lower sum compared to a conventional real estate sale, it does offer the advantage of a swifter process, sparing you the emotional strain and stress often associated with the more customary approach.
Why Are You Thinking About Auctioning Your Columbus House Anyway?
You’ve come across this article for a purpose; the thought of auctioning your house has likely crossed your mind.
Perhaps it could expedite the sale of your house. So, why not consider giving it a shot?
However, before you commit to auctioning your property locally, consider exploring an alternative approach first.
Our company, Flagship REI, buys Columbus area houses. We’re not looking to list your house… we’re looking to actually buy it.
- In any condition
- Any part of town and even other parts of GA
- ugly houses, pretty houses, houses in great shape, houses that need lots of repairs
- houses with lots of equity and even houses with little or no equity
We’ll pay a fair price, we can close fast (in as little as 7 days), and you won’t have to fix up the house at all.
If you’d like to see what we can pay for your house BEFORE you decide to auction it off… reach out to us.
You can call us anytime at 706-918-9133 or just click the link below and fill out the form on the next page to start the process.
Hence, the question remains: Is opting for house auctioning a favorable choice in Columbus? The decision ultimately rests in your hands. However, if you wish to explore whether collaborating with us aligns better with your objectives before delving into the realm of “auctions,” feel free to provide your details below and commence the process today!
Get A Cash Offer On Your Columbus Area House Here >>
Here’s another great read that we found when writing this article on some more tips and questions you should ask yourself before you auction off your house.