Selling a home is a challenging process, and it can become even more confusing when you choose to auction off your home. The good news is that selling your home in an auction can sometimes be easier than going through conventional home selling channels. When you take the appropriate steps to auction off your home and work with reputable auctioneers in Maryland, you can get your home sold at a great price in a relatively short amount of time.
So, how does this process actually work? Understanding what to expect when you auction off your home allows you to be prepared for the process and get the most favorable outcome possible:
- Find the right auctioneer: Different auctioneers in Maryland have different specialties, so it’s important that you find one that suits your needs. Make sure that your auctioneer has plenty of experience with home auctions and is fully licensed and certified to provide these services. Once you’ve found a few reasonable candidates online, give them a call and interview them, or meet with them in person. Ask specific questions about their experience and the services that they provide.
- Figure out fees: Different auctioneers have different requirements when it comes to payment. Some auctioneers charge a premium to the buyer, while others charge it to the seller. In some cases, the auctioneer might split the premium between the buyer and the seller. This charge is almost always a percentage of the sale price of the home—usually between 6 and 10 percent. You should make sure that you have these details established before you proceed with an auction. It’s wise to ask about premium rates from several different local auctioneers and compare rates so that you can get the best deal possible.
- Choose the right type of auction for you: When you opt to auction off your home, you’ll have to choose between an absolute auction and an auction with a reserve. An absolute auction means that the home goes to the highest bidder, regardless of how much is bid. In an auction with a reserve, there is a minimum amount that must be bid if the home is to be sold. You can speak with your chosen auctioneer about these options to determine which one is right for you.
- Ask about bidding details: It’s important to establish a platform where bidding will take place. Lots of home auctions take place online or with bids over the phone, but some of the most successful bids actually take place from the house that’s being bid on. Ask your auctioneer which format they recommend for your specific property.
At Jane Campbell-Chambliss & Associates, LLC, we can walk you through every aspect of the home auctioning process to ensure that you can get the best price for your home as quickly as possible. We understand that selling a home can be a challenge, which is why we’re here to provide you with a range of services to ease the process, from auctioneering to appraisals. We have decades of experience in property appraisals and auctions, and we have a reputation for delivering quality services to our clients throughout the community. To find out more about the services that we offer, or to meet with our auctioneers in Maryland, give us a call today.