
The trend of selling homes through auctions in DFW is gaining popularity across America, providing an avenue to sell your house swiftly, bypass real estate agent fees, and potentially yield a profit.
Nevertheless, like any method, there are potential drawbacks to auctioning your home as opposed to the conventional real estate sale process with an agent or through a real estate investment firm like Relief Home Solutions.
This article will delve into the dos and don’ts of auctioning your house in DFW and its neighboring areas, addressing the question of whether auctioning your house is a wise idea in DFW, TX.
Is Auctioning Your House A Good Idea in DFW?
When considering auctioning your house in DFW, it’s essential to note that there are various preparations to undertake before the actual auction commences.
The “Do’s”
- In order to actually get your house auctioned off, you must first find an auctioneer in DFW.There are many auctioneering companies out there today, so do your research before picking one to represent your house. One place you can start is your local phone book, a referral, or head over to the National Auctioneers Association website and do a quick search for auctioneers here in our area of TX.Look for those with plenty of experience, and even try attending an auction or two, just to get a feel for how they run things. Make sure to find out their fees that they charge for their services, as they can sometimes run quite high. In some instances they may take up to ten percent of the houses cost, greatly reducing the amount of profit that you will receive… sometimes much lower.Or heck, if you don’t want to hire an auctioneer… you can do it yourself. A good auctioneer can really help drive the price of a house up with their skill… but you can run the auction yourself as long as you’re clear about 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?Once you feel that you’ve selected the house auctioneering company in DFW that’s best for you, establish which kind of auction you want it to be, 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.
Although it seems like a clear choice between the two, don’t assume that reserve auctions are necessarily better. Sometimes if bidders aren’t willing to reach the limit, it will never be sold and you’ll be sitting on a house that you don’t want. Also, auctions that are “no reserve” (or absolute) tend to attract more potential bidders to the auction looking for a great deal… and if one of them gets wrapped up in the bidding frenzie… that could mean the difference between selling the house that day and not selling it.
Think carefully about making a decision, and try to decide what it is that you want more. If you want to sell your house as quickly as possible in DFW, 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 descriptionA really important step in selling your house at auction here in DFW is to list all the problems that your property has. Don’t leave out any faults about your house, because if you do the buyers have a right to come after you for any flaws that you didn’t list out before the auction.
Last…
- Don’t go into an auction with fantasies of a bidding war erupting, leaving you with an enormous profit.Place a realistic price that you hope to earn, and don’t be too disappointed if your house sells for less than you think it’s worth. You may have an emotional attachment to the house that the people bidding on the house don’t have.Auctioning your house in DFW 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 DFW House Anyway?
You’re here for a reason – the thought of auctioning your house has crossed your mind. Perhaps it seems like a quick way to sell your house. Before committing to auctioning your local house, consider exploring an alternative option.
At Relief Home Solutions, we specialize in purchasing houses in the DFW area. Our focus is not on listing your house; rather, we’re genuinely interested in buying 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 offer a fair price, a swift closing process (in as little as 7 days), and you won’t need to invest in any repairs for the house.
Before you decide to auction your house, consider finding out what we can offer. Reach out to us by calling (214) 983-1833 or simply click the link below to fill out the form on the next page and initiate the process.
So, the decision on whether auctioning your house is a good idea in DFW is in your hands. If you’d like to explore working with us before venturing into the auction process, submit your information below to start the process today!
Get A Cash Offer On Your DFW Area House Here >>
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.