Selling your home at auction in Savannah 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 32Homes LLC.
In this article, we’ll dive into some of the do’s and dont’s of auctioning your house in Savannah and surrounding areas and discuss the question of “Is Auctioning Your House A Good Idea in Savannah GA?”
Is Auctioning Your House A Good Idea in Savannah?
If you’re looking at auctioning off your Savannah 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 Savannah. There are many auctioneering companies out there today, so make sure you do your research. One place you can start is your local phone book, or a referral, or head over to the National Auctioneers Association website and do a quick search for auctioneers here in our area of GA. 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. If you are considering their services, make sure to find out what their fees are, as they can sometimes be quite high. Their fees may amount to ten percent of the house’s value, which will greatly reduce the amount of profit you receive. 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 or 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 Savannah 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. Even though reserve auctions seem to be the better option, don’t assume they are. When bidders aren’t willing to reach the limit, you may never sell your house, and you’ll be sitting on an unwanted property.
In addition, auctions with no reserve (or absolute) tend to attract more potential bidders looking for a great deal, so if one of them gets wrapped up in the bidding frenzy, it could be the difference between the house selling or not. You should consider your options carefully before making a decision, and figure out what is most important to you. When it comes to selling a home in Savannah, absolute auctions are the fastest way to sell it. If not, then perhaps a reserve auction would be more in your goals.
The “Dont’s”
- Don’t leave out any defects about your house in your auction description. It’s important to list any problems that your property has if you are planning to sell your house at auction here in Savannah. If you fail to list any flaws about your house before the auction, the buyers may come after you for them.
- Don’t go into an auction with fantasies of a bidding war erupting, leaving you with an enormous profit. Make sure your asking price is realistic, and try not to be too disappointed if your house sells for less than you thought it would. The house may have an emotional attachment for you that the people bidding on the house don’t have. While auctioning your house in Savannah may bring in less money than a real estate sale, it is relatively quick and can spare you the heartache and stress of the more traditional approach.
Why Are You Thinking About Auctioning Your Savannah House Anyway?
You started reading 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?
But before you choose to auction off your local house, we have another option for you.
Our company, 32Homes LLC, buys Savannah area houses. We’re not looking to list your house – we’re looking to actually buy it.
We buy Savannah houses…
- in any condition “as-is”
- houses with lots of equity and even houses with little or no equity
- any part of town and even other parts of GA
- ugly houses, pretty houses, houses in great shape, houses that need lots of repairs
We’ll pay a fair price in cash, 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 (912) 421-9907 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 Savannah? That’s up to you to decide. If you want to see how working with us may make more sense before you jump into the “auction” world, submit your info below to get started today!