Selling your Washington DC house by auction can be a good option if you follow the right steps. Selling your home at auction 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, 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 Express Homebuyers.
Is Auctioning Your House A Good Idea in Washington DC?
If you’re considering auctioning off your Washington DC house, keep in mind that there are several preparations that you must make before the actual auction starts.
First – Find an Auctioneer
In order to get your house auctioned off, you must first find an auctioneer. There are many auctioneering companies out there today, so do your research before picking one to represent your house. To begin, you can start by looking in your local phone book, getting a referral from someone in the area, checking the National Auctioneers Association website, or doing an Internet search for auctioneers in the DC area. 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 the fees they charge for their services, as they can sometimes run quite high. In some instances, they may take up to ten percent of the house’s cost, greatly reducing the amount of profit that you will receive. If you don’t want to hire an auctioneer, you can do it 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.
Two Types of Auctions
Running an auction on your own can be tricky and a good auctioneer can really help drive up the price of a house with their skill. If you decide to auction your house, once you’ve selected the house auctioneering company in Washington DC that’s best for you, you must choose which kind of auction you want to run – Absolute or Reserve.
- In absolute auctions there is no minimum limit that your house must earn in order to be sold. This means 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, so if one of them gets wrapped up in the bidding frenzy, that could mean the difference between selling the house that day and not selling it at all.
Think carefully about your decision and figure out what it is you want more. If you want to sell your house as quickly as possible in Washington DC, then doing an absolute auction is the quicker option. If not, then perhaps a reserve auction would be a better fit.
Describing Your Property
Don’t leave out any faults about the house from your auction description. An important step in selling your house at auction in Washington DC is to list all the problems that your property has. If you leave out any faults about your house, the buyers have a right to come after you for any flaws you didn’t list before the auction.
Fantasies of a Bidding War
And finally, 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 people bidding on the house don’t have. Auctioning your house in Washington DC 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 Washington DC House Anyway?
You landed on this article for a reason, most likely because auctioning off your house has crossed your mind. It may help you sell your house more quickly, so why not give it a chance, right? Before you choose to auction off your house, try another option first.
Our company, Express Homebuyers, buys Washington DC area houses. We’re not looking to list your house, we want to buy it outright. We buy Washington DC houses
- In any condition
- In any part of town and even in areas surrounding the DC area
- That are in great shape or need extensive repairs
- With lots of equity, as well as 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 at (877) 804-5252 or fill out the form at the bottom of this page.
So, Is Auctioning Your House A Good Idea in Washington DC? 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 and get started today!