When I sell my house at auction, may I set a reserve?
Yes! Although a home that is sold absolute to the highest bidder, is a great marketing strategy, a reserve may be placed on the home. The reserve is not disclosed to the public and the home will be fully marketed to obtain the highest price.
Do I have to sell my home if reserve is not met?
Absolutely not! The Property will be sold Subject to Seller’s Confirmation, only if high bid is less than the agreed upon reserve. This means that after the High Bid has been received and acknowledged by Auctioneer, Seller may determine, in Seller’s sole and absolute discretion, to (i) accept such bid or (ii) reject such bid.
Are homes sold at auction typically foreclosures?
Absolutely not! Homes sold at auction are typically good homes that need good owners. Sellers may opt to hold a real estate auction verse a typical listing so that they may sell the property faster with less selling costs. Some properties that we have sold in the past were from owners who are downsizing, settling an estate, selling investment homes, or just wanted to sell quickly.
Are homes sold at auction in need of repair?
Absolutely not! Some may be quite dated or have out dated kitchens, baths, including old wallpaper, decorations, carpet, paint, etc. Some may have minor damage that has gone unaddressed for a long time.