Should you auction your home? Petersburg VA

It's a strategy you may want to consider if it's important that you sell quickly.

Local Companies

Hometown Realty
804-720-7248
213 Temple Ave.
Colonial Heights, VA
Lewis Jean G Rl Est
(804) 732-4989
1768 Monticello St
Petersburg, VA
Whittle Joseph P Jr Rl Est
(804) 861-3084
618 S Sycamore St
Petersburg, VA
Brockwell R Garland Jr Rl Est
(804) 733-4966
1691 Wilton Rd
Petersburg, VA
Cox Mooney Rl Est
(540) 989-6882
5828 Merriman Rd
Roanoke, VA
Lindsay Harvey Commercial Real Estate
(757) 640-8204
Falls Church, VA
Angels Touch Real Estate Investments
(757) 457-0196
468 Investors Pl Ste 106
Virginia Beach, VA
Ponton Andrew J Rl Est
(757) 886-5851
5007 Victory Blvd
Yorktown, VA
Inglis Timothy - Real Estate
(757) 227-5120
3700 Shore Dr
Virginia Beach, VA
Goldberg David Rl Est Ofc
(757) 595-9529
11116 Jefferson Ave
Newport News, VA

provided by: 

You may be wondering why on earth you would want to do such a strange thing. But a home auction doesn’t involve a lot of people standing around on your front lawn bidding on your house and contents, urged on by a fast-talking guy with a gavel. Rather, it is a sealed-bid marketing strategy that can be very effective in specific situations.

What’s involved is a very intensive period of marketing your home, followed by a pre-arranged date on which all prospective purchasers submit their offers. With the guidance of your real estate agent, you pick the most promising offer and begin negotiating with that bidder, giving them just a few hours to respond to your counter-offer. If you can’t make a deal, you immediately begin working with the bidder who made the next-best offer, again making a quick counter-offer and requesting a quick response.

The idea is to compress the time the house is on the market and achieve a fast sale at a good price. Because all bids must be submitted on the same date, prospective purchasers know they will likely have competition and have a strong incentive to make their first offer their best offer, or close to it. This usually means a short negotiating period, as well as a short listing period.

This strategy isn’t for everyone. But it may be just the thing if you want to curtail the period during which prospective purchasers can view your home, or have a deadline for selling.

If, for instance, you have small children and find it hard to keep the house tidy, an auction allows you to limit viewing to a week or two, during which your agent holds open houses on weekend days and you permit second visits on weekday evenings. Or perhaps you have purchased another home with a quick closing and want to sell your current home fast, to avoid the need for bridge financing.

The auction strategy works best when:

 

  • demand for homes in your area is strong
  • your home is attractive and well-maintained
  • you have set a realistic asking price
  • you have a clear idea of what is acceptable to you in terms of the purchaser’s financing, the closing date and inclusions (such as appliances)
  • your agent is comfortable with the strategy and willing to put time and resources into aggressively promoting
  • your home through advertising, open houses and word-of-mouth
  • your agent is an excellent negotiator
  • you have confidence in your agent and are decisive by nature

 

If an auction is an option you’d like to consider, discuss it with your real estate agent, who will be able to tell you whether or not it is a suitable strategy for you.

 

Published on January 16, 2007

Read full article at realestate.com

Featured Local Company

Hometown Realty

804-720-7248
213 Temple Ave.
Colonial Heights, VA


Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History