What could I expect from selling a house at auction?

steveinjerseySeptember 21, 2010

Hello,

My home in the DC suburbs that I moved from is not selling. I have an assessed value of $300K+, and my offering price of $278,900 is pretty competitive. But I'm anxious for a sale.

What would I be looking at to go to a real estate auctioneer and have them sell the house at auction?

What kind of commission is the auctioneer likely to ask?

What kind of price could I expect?

Thanks.

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Carol_from_ny

Depends. You could put a it up for auction with the stipulation that the bid must be at least x amount of dollars. Auction house usually gets between 7 and 15% of the selling price as a buyers premium. Not sure what the seller pays the auction house but my guess would be based on the price too.

With all the places being put up for auction this time of year by local governments for lack of payment on taxes ect and banks trying to unload their pile of trash you may not have enough interest to get your min. bid. Many of the bank auctioned homes are much more attractive to buyers and flippers simply because they are paying pennies on the dollar. I know we just had the county sale of tax foreclosures and anything decent went for about a third of what it was assessed for. So that would be some of what you are up against.

I think you are better off waiting it out with a regular agent. Many folks have the notion that if it's up for auction then it has something very wrong with it and they are therefore entitled to a good deal on it OR they will stay far away from it because don't understand the whole auction process and are afraid of getting taken.

    Bookmark   September 21, 2010 at 7:51PM
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earthworm

A place just went at auction for $90K or so.
Real estate would ask $120 for the same thing...of course, it may nor move for a year or so....
If at all possible, buy privately.
The more fingers in the pie, the higher the price and slower the sale.

    Bookmark   September 29, 2010 at 12:06PM
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brickeyee

Lower the price.

    Bookmark   September 29, 2010 at 6:22PM
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littlebug5

I think you could expect to lose your shirt by selling your house at an auction.

To make a good auction, you need at least 2 people who want your house. And you've already said you can't get even 1 person to want it yet.

    Bookmark   October 3, 2010 at 9:19PM
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