Many homeowners in Kenosha-Racine sell their homes at auction because it’s the fastest way to sell a house. The benefits of selling your home at auction are that you don’t have any real estate agent’s fees to pay, and you can often make a profit. Also, many Wisconsin property owners realize that an auction sale is less hassle than selling ‘traditionally.’
Of course, as with all things in life, selling houses at auctions also has its downsides. In many cases, it’s more advantageous to sell your home for cash to an investment company like At Home Buyers or through a real estate agent.
However, if you think that a property auction is the best way to sell your home, what should you consider? In this article, you’ll find out the dos and don’ts of auctioning your house in Kenosha-Racine. You’ll also find out if auctioning your home in Kenosha-Racine Wisconsin is a good idea.
Is Auctioning Your House A Good Idea in Kenosha-Racine?
Keep in mind that auctioning off your Kenosha-Racine house requires some prep work. There are several vital tasks you have to do before listing your home at auction.
The “Do’s” — How to Sell Your Wisconsin Home at Auction
Let’s look at what you need to do to auction off your home successfully for the best price.
1. Find an auctioneer
First, you need to find a suitable auctioneer in Kenosha-Racine. Many auctioneering companies arrange for house sales. So, it makes sense to do your homework first before listing your home for an auction sale.
How can you find an excellent auctioneering company in Kenosha-Racine? Here are a few places to check out:
- The local phone book
- Get referrals
- Check out the National Auctioneer’s Association website
When you make up a shortlist, you need to ensure they have experience in selling residential real estate. One way to do this is to attend a few auctions. There you can get a feel for how house auctions work.
A vital fact to check is the percentage fee for selling your home at auction. In some cases, this fee can be as much as ten percent of the house cost. This is pretty steep, and it’s more than real estate agents charge. Remember that every one percent of the fee represents a lower profit from your house sale.
Of course, an experienced auctioneer can drive up the price of the house. So, sometimes—even with the extortionate fee—you can still profit from auctioning off your home.
2. Decide on the type of auction you want — absolute or reserve
When you think that you’ve got the best auctioneering company in Kenosha-Racine, you need to decide on the type of auction. The two types of house sale auctions are:
- Absolute house auctions—Sometimes called a “no reserve auction,” these auctions will sell your house without a minimum limit. This means that whatever the highest bid is, is the price your home sells for.
- Reserve house auctions—In an auction with a reserve, houses can’t sell for less than the minimum limit.
You may think that a reserve auction would be the best—after all, you seem to guarantee a minimum price on your home. However, in many real estate reserve auctions, bidders don’t make it to the minimum amount. This results in a no-sale, and you’re back to the start of your house selling process.
Interestingly, houses with no reserve can attract the most bidders and result in a higher sale price. So, if you want to sell your house as quickly as possible in Kenosha-Racine, then an absolute auction is the best option.
The “Don’ts” — How Not to Sell Your Wisconsin Home at Auction
So, what should you avoid if you want a fast sale on your Kenosha-Racine home with a maximum profit? Here are a few real estate auction don’ts.
1. Don’t leave out house faults
Just as selling your house in the ‘traditional’ way, you must give full disclosure on the condition of your property in Kenosha-Racine. Full disclosure means listing all the faults and any serious issues. If you fail to do this, you could end up facing legal action from the buyer.
2. Don’t expect an enormous profit from your house auction sale
Although you can strike it lucky and get a significant profit from your house sale, this is rarely the case. Many Wisconsin homeowners who sell their house at auction leave disappointed when the home doesn’t reach its real value. In some instances, auctioning your home in Kenosha-Racine brings in less profit than a real estate agent’s sale. Of course, you can sell your Kenosha-Racine home faster—but not always for the best price.
Why Are You Thinking About Auctioning Your Kenosha-Racine House Anyway?
If you are considering auctioning off your Kenosha-Racine, WI home, it’s good to think about the reasons. Is it because you want to sell your home fast? Or, do you want to sell your house without paying real estate agent’s fees? Did you know that there is another way to sell your Kenosha-Racine home fast for a guaranteed price?
Our company, At Home Buyers, buys Kenosha-Racine area houses. No—we’re not looking to list your house. We are looking to buy your house and for a fair price cash sum.
Did you know that we buy the following types of Kenosha-Racine houses?
- Houses in any condition
- Homes that are in dire need of repair
- Ugly houses that no one else wants to buy
- Any kind of house—including, beautiful homes, residential houses, condos
- Houses with lots of equity and even houses with little, or no equity
Reach out to us if you want to sell your Wisconsin house fast. We will pay a fair price and close the deal quickly—sometimes in as little as seven days. What’s the catch? There is none. You don’t even have to fix up the house at all.
All you need to do is call us at 262-228-8505 or contact us through our website. We can give you an offer on your house. What’s more, the price we quote, is the price you get. You see, we don’t charge any commission fees, and we pay for all closing fees.
Is auctioning your house a good idea in Kenosha-Racine? Well, that’s up to you to decide. But why not see if working with us makes better sense? The auction world for real estate can’t guarantee you a final price for your home.
Submit your info below to get started today.
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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.