Similar to any choice you will find there are advantages and disadvantages to selling your property through an auction. Throughout this post we will take a detailed look at what it means to sell your house at an auction in IL, how to go about selling your house at auction, and help you decide if selling your home at auction is the right strategy for you.
Is Auctioning Your House A Good Idea in Chicago?
If you’re looking at auctioning off your Chicago house, keep in mind that there are several preparations that you must make before the actual auction starts.
The “Do’s”
- Find an auctioneer. Listing a property for sale by auction is a highly specialized marketing method and there are many intricate details you’ll need consultation on to have a successful auction. Start by your search by visiting the National Auctioneers Association website and contact a few companies that have a proven track record of completing successful real estate auctions. Do a detailed interview with each company to learn about how the process works, what the fees are, and examples of properties they have successfully sold in the past. Be sure to clarify what the specific terms of the sale would be. For example, is the property sold as is?…are there any contingencies on the sale…Do you collect bidder deposits…If so are they refundable?
- Decide which kind of auction you want to run – Absolute or Reserve?Once you feel that you’ve selected the house auctioneering company in Chicago that’s best for you, establish which kind of auction you want it to be, absolute or reserve.In absolute auctions there is no minimum limit that your house must earn in order to be sold. This means that whatever the highest bid may be, is what you’re going to get.Reserve auctions are those that have a minimum limit, and if it doesn’t reach that limit, it doesn’t get sold.Although it seems like a clear choice between the two, don’t assume that reserve auctions are necessarily better. Sometimes if bidders aren’t willing to reach the limit, it will never be sold and you’ll be sitting on a house that you don’t want. Also, auctions that are “no reserve” (or absolute) tend to attract more potential bidders to the auction looking for a great deal… and if one of them gets wrapped up in the bidding frenzie… that could mean the difference between selling the house that day and not selling it.
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 Chicago, then doing an absolute auction is the quicker option. If not, then perhaps a reserve auction would be more in your goals.
- Don’t leave out any faults about the house from your auction description. A really important step in selling your house at auction here in Chicago is to operate with full disclosure in regards to the condition of the property. You as the seller will be held liable if it has been discovered that you didn’t disclose a known defect of the property.
Last…
- Don’t go into an auction with fantasies of a bidding war erupting, leaving you with an enormous profit.Place a realistic price that you hope to earn, and don’t be too disappointed if your house sells for less than you think it’s worth. You may have an emotional attachment to the house that the people bidding on the house don’t have.Auctioning your house in Chicago may bring in less money than a real estate sale, but it is relatively quick, and can spare you the heartache and stress of the more traditional approach.
Why Are You Thinking About Auctioning Your Chicago House Anyway?
You landed on this article for a reason… auctioning off your house has crossed your mind.
It may help you sell your house more quickly… so why not give it a go right?
Before you choose to auction off your local house… try another option first.
Our company, Blue Ladder Development, buys Chicago 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 IL
- 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 630-387-6861 or just click the link below and fill out the form on the next page to start the process.
So, Is Auctioning Your House A Good Idea in Chicago?… that’s up to you to decide. But if you want to see if working with us makes more sense first before you jump into the “auction” world… submit your info below to get started today!
Get A Cash Offer On Your Chicago 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.