Like with everything, there can be drawbacks to auctioning your home off rather than listing it with an agent and selling it on the MLS.
Following in the article below, I’ll go into some of the do’s and dont’s of auctioning a house in the Kansas City market. I will also discuss if auctioning your house in Kansas City is a good idea.
Is Auctioning Your Kansas City house a good idea?
If you are considering auctioning off your house in Kansas City, you need to realize that there are numerous preperations that you need to take care of before the auction starts.
The “Do’s”
- The first thing you are going to have to do to get your home auctioned off in Kansas City is find an auctioneer. There are a lot of auctioneering companies in Kansas City, but it’s important that you pick the right one. You’ll need to do your research before you settle on one. There are a few places to start your research, one place is the local phone book, ask friends or even post to local Facebook groups. You can also head to the National Auctioneers Association website and do a quick search for auctioneers here in our area of Kansas City. Don’t just choose the first one you come across, 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.
- You’ll need to decide which kind of auction you want to run – Absolute or Reserve?Once you feel that you’ve selected the house auctioneering company in Kansas City 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 Kansas City, 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 Kansas City 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 Kansas City 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 Kansas City House Anyway?
You obviously must have been searching for information about auctioning your home because you landed here, so the thought has definetly crossed your mind.
I get it, listing a house and having to go through all of those steps is a real pain. In addition the market is changing daily so maybe your home won’t sell fast if you list it and maybe auctioning it off will help if sell fast.
Before you do that though explore all off your options, you might be able to still sell your house fast and not have to do anything to sell it.
Our company specializes in working with sellers looking for other options. We not only list peoples homes for them but we buy them as well. We can take some time and go over all of the options you have available and then you can decide what works best for you.
- In any condition
- Any part of town and even other parts of KS
- 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’ll pay a fair price, we can close fast (in as little as 7 days), and you won’t have to fix up the house at all.
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 (913) 708-1185 or just 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 Kansas City?… that’s up to you to decide. But if you want to see if working with us makes more sense first before you jump into the “auction” world… submit your info below to get started today!
Get A Cash Offer On Your Kansas City 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.