4 Reasons to Sell Your Richmond Home at Auction

4 Reasons to Sell Your Richmond Home at Auction

Chances are that you have never thought about what it would be like to sell your Richmond home at an auction. After all, the reputation of a house auction is that it is bank owned or for desperate sellers.

Think again! Real estate pros are seeing an increase in young people wanting to auction off their Richmond homes when it comes times to sell. 

When it comes time to sell your Richmond home, it can be worth at least considering a different strategy. Here are four reasons to help in your decision making when you sell your Richmond home:

1. As the crowd for buying gets younger, target-selling and auctioning is becoming a trend. This strategy can create a bidding war which in turn lead to a desperate need to react and bid higher than they actually would in a negotiation. Competition can lead to higher bidding as well.
2. Auctioning your Richmond home can save you time and energy from trying to catch up with the pricing. For example, if the market value is losing 6% every month and you are decreasing by a slightly smaller percentage, it would be hard to catch up. If you decide to auction your Richmond home, you can be sure to sell your home at its true market value.
3. Similar to “pocket-listing,” an auction attracts serious buyers and investors. With all of the new television shows flipping and renovating houses, an auction is something house hunters go to. They want a home they can work with. Sellers will also definitely know that you will get 10% of the purchase price in hand as it is required for buyers to provide. It is non-refundable and gives you a secure feeling knowing the sale will go through. There wouldn’t be anyone to back out.
4. Auctioning your home ensures a secure date of sale. There is no drawn out process of waiting. This will help with the budgeting and maintenance costs ahead of time. Wouldn’t it be nice to plan out a budget of paying property taxes, a mortgage payment, or different services used in your home (television, trash, water, sewage, electricity, etc.)?

In a traditional Richmond homebuyer’s situation, 30-45 days is put in place after the date of sell to ensure everything is in place and to let the sellers have time to find another home for themselves if they aren’t already out. Some sellers have this as a contingency in their contract. Some buyers may have this in their contract as well.

As the seller, auctioning your Richmond home could be a process that works for you. There are quite a few advantages in this. Of course, this strategy is not for everyone, but  if you need to sell fast you can find you have security, more time, and more energy for things that matter.