Selling your home at auction in Virginia Beach is a growing practice throughout America, because it offers an opportunity to sell your house fast, without paying real estate agent fees, and often with a profit.
However, as with all things, there can be downsides to auctioning your home rather than selling it through the traditional real estate sale process with an agent or to a real estate investment firm like Wise Choice Home Buyers.
In this article I’ll dive into some of the do’s and dont’s of auctioning your house in Virginia Beach and surrounding areas and discuss the question of “Is Auctioning Your House A Good Idea in Virginia Beach VA?”
Is Auctioning Your House A Good Idea in Virginia Beach?
If you’re looking at auctioning off your Virginia Beach house, keep in mind that there are several preparations that you must make before the actual auction starts.
The “Do’s”
- In order to actually get your house auctioned off, you must first find an auctioneer in Virginia Beach.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 VA.Look for those with plenty of experience, and even try attending an auction or two, just to get a feel for how they run things. Make sure to find out their fees that they charge for their services, as they can sometimes run quite high. In some instances they may take up to ten percent of the houses cost, greatly reducing the amount of profit that you will receive… sometimes much lower.Or heck, if you don’t want to hire an auctioneer… you can do it yourself. A good auctioneer can really help drive the price of a house up with their skill… but you can run the auction yourself as long as you’re clear about the rules of the auction with bidders, the starting bid price, whether they have to have cash and a deposit at the auction, etc.
- Decide which kind of auction you want to run – Absolute or Reserve? Once you feel that you’ve selected the house auctioneering company in Virginia Beach 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. In this case, however, once the lowest-earning price has been reached, the bids will stop.
Many real estate agents will agree that Virginia Beach VA is a great place to buy a home which is why when you are looking for Virginia homes, Virginia beach houses are the best. Virginia Beach has beautiful beaches along with award-winning golf courses and perfect neighborhoods that are filled with Virginia luxury homes for sale. But if you want to buy one of these Virginia Beach houses for sale, it can be difficult because they go so fast! A quick solution to this problem is putting your Virginia Beach house on the market in an auction format instead of listing it in traditional fashion.
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 Virginia Beach, 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 descriptionA really important step in selling your house at auction here in Virginia Beach is to list all the problems that your property has. Don’t leave out any faults about your house, because if you do the buyers have a right to come after you for any flaws that you didn’t list out before the auction.
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 Virginia Beach 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 Virginia Beach 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, Wise Choice Home Buyers, buys Virginia Beach 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 VA
- 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 757-800-1870 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 Virginia Beach?… 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 Virginia Beach 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.