Selling your house at auction in College Station offers you the opportunity to sell fast while avoiding real estate agent fees, giving you the chance to gain more profit. Putting houses on auction sales is becoming a growing practice throughout America.
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 Texas Direct Home Buyers .
In this blog, I’ll dive into some of the do’s and don’ts of auctioning your house in College Station and surrounding areas and discuss the question of “Is Auctioning Your House A Good Idea in College Station, TX?”
Is Auctioning Your House A Good Idea in College Station?
If you are looking to put your College Station house up for auction, there are several preparations you have to make, and several things you have to do before the actual auctions starts.
- First, you have to find an auctioneer in College Station before you can actually get your house auctioned off. There are several auctioneering companies in the market that you can use, so be sure to do your research before picking one to represent your house. Some places to start include your local phone book, a referral, or you can head over to the National Auctioneers Association website and do a quick search for auctioneers here in our area of TX. When trying to choose, look for auctioneers with vast experience, and try to be present at a couple of their auctions so you can get a feel for their process. Don’t forget to inquire about their fees as they can sometimes be high. In some instances, they may take up to ten percent or higher of the house’s cost, greatly reducing the amount of profit that you will receive. However, if you want to avoid losing profit, you can even become your own auctioneer. A good auctioneer can drive up the price of your property with their skill, but you can handle the auction yourself, as long as you understand 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? One thing to consider after an auctioneering company in College Station has been suitably selected is choosing the kind of auction you want, either 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.
By merely reading through this, you might assume that reserve auctions are better, but that is not necessarily true. In some cases, bidders might be unwilling to reach the limit placed on the property, and as a result, you may have to sit on a house you don’t want. Absolute auctions, however, tend to attract more potential buyers who are ready to bid. If one of them gets wrapped up in a bidding frenzy, it could mean the difference between selling the house that day or not.
Before jumping into any decision, take your time to carefully think about what you really want. If you want to sell your house as quickly as possible in College Station, 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. It’s important to be forthcoming with all property issues before auctioning it here in College Station. You must mention every fault, because your buyer has the right to come after you if they are faced with any flaws that you did not list before the auction.
- Don’t go into an auction with fantasies of a bidding war erupting, leaving you with an enormous profit. Be realistic about the price you want to earn from your property sale, and don’t be disappointed if you sell your house for less than you think it is worth. You may have an emotional attachment to the house that the people bidding on the house don’t have. Auctioning your house in College Station 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 College Station House Anyway?
You landed on this article because 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 decide to place your house on auction, try another option first.
Our company, Texas Direct Home Buyers , buys College Station area houses. We are looking to actually purchase your house, not list it.
- In any condition
- Any part of town and even other parts of TX
- 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.
Reach out to us if you wish to know how much we can pay for your house BEFORE you make the decision to place it on auction.
You can call us anytime at (979) 431-1663 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 College Station? The decision is yours to make. 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!
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.