Is Auctioning Your House A Good Idea in New York? – The Do’s and Don’ts…

Is Auctioning Your House A Good Idea in New York?

If you’re looking at auctioning off your Montgomery County 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 New York.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 New York.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 Montgomery County 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.Although it seems like a clear choice between the two, don’t assume that reserve auctions are necessarily better. Sometimes if bidders aren’t willing to reach the limit, it will never be sold and you’ll be sitting on a house that you don’t want.  Also, auctions that are “no reserve” (or absolute) tend to attract more potential bidders to the auction looking for a great deal… and if one of them gets wrapped up in the bidding frenzie… that could mean the difference between selling the house that day and not selling it.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 New York, 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 description

  When selling your house at auction in New York, it is crucial to prioritize full transparency by listing and disclosing all the problems and faults associated with your property. This step holds significant importance as it ensures that potential buyers are fully informed about any issues prior to the auction. By providing a comprehensive and accurate account of the property’s condition, you can mitigate the risk of buyers pursuing legal action against you for failing to disclose undisclosed flaws. To safeguard your interests and maintain ethical business practices, it is essential to be thorough and upfront about any known problems, leaving no room for ambiguity or surprises during the auction process.

Last…

• Don’t go into an auction with fantasies of a bidding war erupting, leaving you with an enormous profit.

  When auctioning your house in New York, it is important to set a realistic price expectation and be prepared for the possibility of selling for less than what you believe it is worth. It’s essential to keep in mind that potential buyers at the auction may not share the same emotional attachment to the property that you do. While a real estate sale may yield higher proceeds, the auction process offers the advantage of speed and can spare you the emotional distress and stress associated with a traditional approach. By setting realistic expectations and understanding the trade-offs, you can make an informed decision that aligns with your goals and minimizes unnecessary disappointment.

Why Are You Thinking About Auctioning Your New York 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, Property Buyer Today, buys New York area houses.  We’re not looking to list your house… we’re looking to actually buy it.

We buy New York houses…

• Irrespective of the condition, location, or equity status, we are prepared to offer a fair price for your house. Whether it’s an ugly house, a pretty house, a well-maintained property, or one in need of extensive repairs, we are interested. Our streamlined process allows for a fast closing, with as little as 7 days. Plus, you won’t have to worry about any costly renovations or repairs as we will buy the house as-is. If you’re considering auctioning off your house, reach out to us first to discover what we can offer. Take the opportunity to explore our fair and hassle-free solution for selling your house.

Get A Cash Offer On Your New York 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.