Must-Ask Questions for Your Auction Company

Published On: August 22, 2016|Categories: Buyers, Real Estate, Sellers|

Auctions have become one of the most popular ways to sell a home. Before you decide to sign up for an auction for your home, there are some must-ask questions that will give you the information that you need in order to decide if an auction is right for you. Here are just a few of the questions you want to make sure that you ask your auctioneer:

How quickly will my home be auctioned? Some auction companies do their auctions within thirty days and others take a bit longer. If you have a preference for how long you would like the period to be before the auction that is something to talk to your auction company about and work out a schedule that will benefit everyone involved.

What fees can I expect? There are fees for holding an auction and they can vary based on the company. You should ask for a schedule of fees and inquire to see if there are any additional fees that are not outlined in your contract. These might include closing costs and title search costs that fall outside of the auction company’s area of service.

How quickly will my home close? Generally, when a home is sold through an auction it goes through a traditional closing process. This can be part of the sales contract if you have a preference as a home owner. Remember that there may need to be negotiations on the timeline if the buyer has any issues in getting the funds ready for closing.

How many open houses will you have? Unlike a traditional home sale where you can expect to have private showings, auctions have open houses where prospective buyers and inspectors can come to take a closer look at the home. Ask your auction company how many they generally have and when those would be scheduled.

What kind of marketing do you do to get my home sold? The job of the auction company is to market your home to get buyers there. You can ask what their process looks like and what they typically do to attract buyers.

For more auction tips, contact the O’Reilly Team today! Call now for auction and listing help.