Selling your property at auction is a growing practice throughout America, because it offers an opportunity to sell your condo fast, without paying real estate agent fees, and often with a profit.
However, as with all things, there can be downsides to auctioning your home rather than selling it through the traditional real estate sale process with an agent or to a real estate investment firm like Fast Condo Buyers.
In this article I’ll dive into some of the do’s and dont’s of auctioning your condo in Southern California and surrounding areas and discuss the question of “Is Auctioning your Condo a Good Idea in Southern California?”
Is Auctioning your Condo a Good Idea in Southern California?
If you’re looking at auctioning off your Orange County condo, keep in mind that there are several preparations that you must make before the actual auction starts.
- In order to actually get your house auctioned off, you must first find an auctioneer in your area. There are many auctioneering companies out there today, so do your research before picking one to represent your property. 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 CA. 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 they charge for their services, as they can sometimes run quite high. In some instances they may take up to ten percent of the property’s cost, greatly reducing the amount of profit that you will receive. 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 condo 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 property auctioneering company in Southern California 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 condo’s price must reach 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, your property just won’t sell. Also, auctions that are “no reserve” (or absolute) tend to attract more potential bidders to the auction. Even if those bidders are looking for a great deal, the bidding frenzy can often be the difference between selling the condo that day or not.Think carefully about making a decision, and try to decide what it is that you want more. If you want to sell your condo as quickly as possible in Southern California, 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 condo in your auction description. A really important step in selling your condo at auction here in is to list all the problems that your property has. Don’t leave out any faults about your property, 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.
- 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 condo sells for less than you think it’s worth. You may have an emotional attachment to the condo that the people bidding on the house don’t have. Auctioning your property in Orange County 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 Orange County Condo Anyway?
You landed on this article for a reason… auctioning off your condo has crossed your mind.
It may help you sell your property more quickly… so why not give it a go, right?
Before you choose to auction off your condo… try another option first.
Our company, Fast Condo Buyers, buys Orange County area condos. We’re not looking to list your property… we’re looking to actually buy it.
We buy Orange County condos…
- In any condition
- Any part of town and even other parts of CA
- ugly condos, pretty condos, condos in great shape, condos that need lots of repairs….
We’ll pay a fair price, we can close FAST (in as little as 7 days), and you won’t have to fix up the condo at all.
If you’d like to see what we can pay for your property BEFORE you decide to auction it off… reach out to us.
You can call us anytime at (714) 576-6282 or just click the link below and fill out the form on the next page to start the process.
So, Is Auctioning Your Condo A Good Idea in Orange County?… that’s up to you to decide. But if you want to see if working with us makes more sense first before jumping into the “auction” world… submit your info below to get started today!