I have taken a job in another city and want to sell my house fast. How about an auction?
One good thing about an auction is that you stand a good chance of selling your property in 30 days, and on a day you choose, as opposed to the 190 days a traditional sale might take.
But there are drawbacks.
For one thing, you will probably be selling your house at your rock bottom price. Make sure it is the lowest price you can tolerate, taking into consideration the cost of holding the property for six months or a year.
While your price can be bid up, the lowest price is your reserve, and no one will be able to purchase your home below it unless you renegotiate. The reserve can be private, if you want.
Many real estate companies have auction divisions but, regardless, you might want to hire an agent to help with researching comparable properties, pricing and advertising. When you auction a property, the auction is only as good as the advertising, and you'll have to get involved in that.
Hire a professional auctioneer whose firm specializes in real estate and can stream your auction on the internet. According to the Christian Science Monitor, remote bidders can drive sales up by 9 to 11 percent.
The auctioneer should also be able to bring serious, prequalified bidders to the sale.
The auctioneer will take a commission. The commission is negotiable.
At auction, if your minimum bid is reached with no other bids, the bidder signs a Purchase and Sales agreement at the auction. If your minimum has not been met, the auctioneer will offer your property to the high bidder or the second high bidder at a negotiated price.
Auctioneers are paid at the closing.
One more thing, don't think of auctions as distress sales. These days some agents call them express sales and they often involve high-tone properties.