Selling property through an auction can be a smart choice and comes with many advantages. But is listing through Auction the right choice for you?
What makes an Auction successful?
Dennis Huggins, veteran auctioneer with O’Neal Real Estate, grants us insight into how local property auctions work and what makes them successful. Here’s what we learned.
Highly motivated sellers are a must. If you are picky about how much you need to get, or if you say “I don’t care whether it sells or not”, then you may want the traditional route. If you’re okay with a property sitting on the market for a few months, then an auction probably isn’t right for you.
What conditions make auctions a “better fit”?
The best fit is probably when inheritors to a property live out of state–an auction is the best solution for families who want to deal with family estate as quickly as possible. We also handle properties being sold due to divorce or an unexpected life change: a new job offer, deployment, or something like that. But the most important factor is that they want the property sold as soon as possible.
What does the general public need to know about auctions?
All the finest things are sold at auction–fine art, artifacts, jewelry, and pieces of history. There’s a misconception that auctions are cheap. Auctions are where people can get an idea of the true value of what a piece of property is worth. Investors look for homes that could use some attention to detail. They see the opportunities more so than buyers who are looking for their dream home. If you come looking for a cheap home without needing to put up work, you’ll likely be disappointed.
Searching for auctions?
If you are interested in starting your investment journey here are a few things you can do.
- Sign up for our newsletter
- Research the market
- Filter our listings for the ones listed for one dollar.
- Reach out directly to our team
In short, auctions are great for both people selling homes and those buying them. If you sell your home at an auction, you can sell it faster and get a good price. Investors have a fair chance to compete and buy a quality home. The auction process is clear, and everyone knows what’s happening. So, if you’re looking to buy or sell a home, consider trying an auction because it can be a smart and beneficial way to make the deal happen quickly.