Is Auctioning Your House a Good Idea in Philadelphia? | The Do’s and Don’ts!

Is Auctioning Your House A Good Idea in Philadelphia?
Selling your Philadelphia house by auction can be a good option if you follow the steps in this article below…
Selling your home at auction in Philadelphia is a growing practice throughout America. It offers an opportunity to sell house fast, without paying licensed realtor 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 a licensed realtor or to a real estate investment firm like Buying Property 215. In this article, I’ll dive into some of the do’s and don’t of auctioning your house in Philadelphia and surrounding areas and discuss “Is Auctioning Your House a Good Idea in Philadelphia, Pennsylvania?”

Is Auctioning Your House a Good Idea in Philadelphia?

If you’re looking at auctioning off your Philadelphia house, keep in mind that there are several preparations that you must make before the actual auction starts.

The “Dos” 

  • To get your house auctioned off, you must first find an auctioneer in Philadelphia. There are many auctioneering companies today, so do 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 PA. Look for those with plenty of experience, and even try attending an auction or two to get a feel for how they run things. Make sure to find out their fees for their real estate services, as they can sometimes run relatively high. In some instances, they may take up to ten percent of the house’s cost, significantly reducing the amount of profit 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 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’ve selected the house auctioneering company in Philly that’s best for you, establish which kind of auction you want it to be, absolute or reserve. There is no minimum limit that your house must earn to be sold in absolute auctions. This means that whatever the highest bid may be, it is what you will get. Reserve auctions have a minimum limit; 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 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 in a house 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 frenzies… 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 you want more. If you want to sell your house as quickly as possible in Philadelphia, then doing an absolute auction is quicker. If not, perhaps a reserve auction would be more in your goals.
  • Don’t leave out any faults about the house from your auction description. A significant step in selling your home at auction here in Philadelphia is to list all your property’s problems. 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 you didn’t list 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 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 place that the people bidding on the house don’t have. Auctioning your home in Philadelphia 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 Philadelphia House Anyway?

You landed on this article for a reason… auctioning off your house has crossed your mind.

It may help you sell your house more quickly… so why not give it a go, right?

Try another option before you choose to auction off your house… try another option first.

Our company, Buying Property 215, buys Philadelphia area houses.  We’re not looking to list your house… we’re looking to buy it.

We buy houses Philadelphia:

  • In any condition
  • Any part of town and even other parts of Pennsylvania
  • ugly houses, pretty houses, houses in great shape, properties that need lots of house repairs
  • houses with lots of equity and even houses with little or no equity

We’ll pay a fair price, we can close fast (in as little as seven days), and you won’t have to fix up the house.

If you’d like to see what we can pay for your house BEFORE you decide to auction it off… reach out to us.

You can call us anytime at [215-359-6090] or click the link below and fill out the form on the next page to start the process.

So, Is Auctioning Your House a Good Idea in Philadelphia?…  that’s up to you to decide. But if you want to see if working with us makes more sense before you jump into the “auction” world… submit your info below to get started today! {The Better Business Bureau accredits are a family-owned company with an A+ rating and 5-star google reviews!}

Get A Cash Offer on Your Philly Area House Right Here 

Here’s another great read we found when writing this article on some more tips and questions you should ask yourself before auctioning off your house.

Buying Property 215

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