Sold to the highest bidder.
If a homeowner has at least 30% equity in their home, an auction can be another great way to sell it.
In an auction, we work with sellers and a licensed auctioneer to set a reserve price. This can typically be up to 70% of the home’s “As-Is” fair market value. The house then sells at a public auction to the highest bidder who bids above the reserve price.
Auctions have many advantages; the biggest one is that any proceeds go directly to the seller – after marketing, commissions, closing costs, and all other fees are paid.
When choosing this method, a licensed auctioneer will typically collect between 5% and 10% of the property value upfront from the seller. The auctioneer will use this money to market the auction. The event then takes place at the predetermined date and time with the opening bid opening at the reserve price. The property then sells to the highest bidder.
The buyer will collect the final sales price minus any mortgages, liens, commissions and closing costs. In the event that the house fails to sell, the seller will not be refunded the amount paid upfront to the auctioneer for marketing costs.
The advantage to this type of sale is that many people may be drawn to the property due to a low reserve price. If competitive bidding takes place amongst the buyers, the property may sell for a higher price; close to its fair market value.
If the market is slow, it is very possible that no one will bid on the property. In other instances, buyers may show interest but fail to meet the minimum reserve price in order to sell the home.
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I was due to be foreclosed on in 3 days. I called them up and they were able to get me out of it and made a significant amount from the sale!
We inherited a house with an underwater mortgage, they helped us with the sale and even managed to help us make a profit.
Selling a house with no equity is hard, I'm lucky I found you guys!
Get a fair and honest offer now.