Sell Your Home Charleston WV
Going, Going, GONE!
To a Bridgeport, West Virginia homeowner, these can be the most beautiful words in the world, especially in a market like this one where selling property the conventional way is often a prolonged pain in the patootie.
Some people still associate auction sales with distress, but auction professionals say these days that’s absolutely not true. About 11 percent of the time, auctioned Bridgeport, West Virginia homes sell for more than what the seller had previously listed the home for in a conventional sale, says G.T. Bynum, marketing director for Williams & Williams, one of the nation’s largest auction companies with operations in all 50 states.
Indisputably, auctions are fast and short on aggravation. There are usually very limited opportunities for potential buyers to view the property -- often just a couple of hours before the sale, so the seller isn’t inconvenienced by potential buyers trooping through the house for weeks or months. The sale itself is completed in a matter of minutes and closing is within 30 to 45 days.
Condition may affect the price, but sellers don’t have to spend a lot on fix-up or paint. Buyers bid at their own risk -- there are no contingencies and no guarantees about the condition of the property. The standard language says it all: Properties are auctioned "as is, where it is" and "in its present condition."
If you’re considering auctioning a property, here’s how to go about it in Bridgeport, WV:
Step 1: Find an auctioneer who specializes in your type of home
Choosing the right auctioneer in Bridgeport, West Virginia is the first and most important step. Auctioneers specialize. Obviously, if you’re selling a house, you don’t want an auctioneer whose specialty is cattle or antiques. But you also probably don’t want an auction company that mostly does multi-million dollar mansions if you own a suburban townhouse. And it probably isn’t wise to select an auction company that never does anything but bank-owned foreclosures if you and your real estate are solvent.
Hiring an auctioneer who routinely handles sales of Bridgeport, West Virginia houses similar to yours will make it more likely that he’ll attract a crowd of buyers who are hoping to buy a property that is similar to yours. A locally based auctioneer may understand your market better than a national company -- but not necessarily. Some national companies have extensive databases of potential buyers and use them to reach out aggressively.
Find auctioneers through the National Auctioneers Association, which in December launched the first auction multiple listing service as well as an auctioneer search engine. Another way is to look in your local newspaper for the regional auction firms that do the most business in your area.
There are many legitimate ways to handle auction fundamentals, so find an auctioneer who does business in a way that makes you feel comfortable. Read on for some of the key issues.
Step 2: Ask how the auctioneer gets paid
Some auctioneers in Bridgeport, West Virginia charge the seller between 6 percent and 10 percent of the sales price as a commission. Others charge the buyer an auction premium, usually 10 percent. And some split their commission between the buyer and the seller -- for instance, the buyer pays a 5 percent auction premium and the seller pays a 5 percent commission. Chris Longly, spokesman for the National Auctioneers Association, says some auctioneers believe the auction premium approach discourages bidders. Ohio Auctioneer Rose prefers an auction premium because it places the burden of payment on the buyer.
Step 3: Choose between an absolute auction or an auction with a reserve
Selling your Bridgeport, West Virginia home through an absolute auction means the highest bidder gets the home no matter what the bid. Setting a reserve, on the other hand, requires the auction to reach a certain amount or there’s no sale. Absolute auctions heighten the drama -- there’s no turning back -- and bring in better prices, says Rose and Bratton, who sold his Hot Springs home at auction. Setting a reserve gives sellers an option and is fairer in an unstable sales environment, believes Jim Tomaszewski, co-owner of JM Auction Services in Adrian, Mich.
“With an auction, whether there’s a reserve or not, people can have confidence that the property is selling for what buyers think it’s worth. They may not like it, but that’s what it is,” says Bynum of Williams & Williams.
Before setting a reserve, make sure you understand what the no-sale fee is. That’s the price you pay the auctioneer for changing your mind and can be just as much as the price of selling the property.
Step 4: Find out how bidders will be qualified
Some auction companies in Bridgeport, West Virginia require that potential bidders present a letter of credit from their bank or a statement from a lender certifying that they are credit-worthy up to a given level. This ensures that a buyer can actually complete the sale. Other auction companies -- usually those that deal with less-pricey properties -- simply ask registering bidders for a certified check equal to about 10 percent of the expected sale price. The check will be returned to non-winning bidders and forfeited by the high bidder if he is unable to close.
Step 5: Determine how bids will be accepted
The tried and true method is “on the lawn.” Bidders stand outside of the house while the auctioneer makes the sale. Some auctioneers believe they get better prices if they group houses together and sell them off site. These “ballroom” sales can attract hundreds of potential bidders who get the fever and bid until they win a property. Some auctioneers also accept sealed bids in advance, telephone, smartphone and Internet bids, which Longly at the auctioneers association says works well for highly desirable homes in attractive settings.
Joe R. Pyle Complete Auction and Realty Service in Bridgeport, WV
For over 35 years, The Joe R. Pyle Complete Auction and Realty Service has been the tri-state’s most respected name in auctions. Offering services for commercial and residential real estate alongside personal property, we can sell your property. Serving West Virginia, Pennsylvania, Ohio, Maryland, Virginia and Kentucky; we have a full staff of licensed real estate, marketing, and administrative professionals that will sell your property in an efficient and cost effective manner. We take great pride in being able to sell our customers’ property while keeping them informed along the way. Accordingly, we utilize our award-winning marketing program, selling most homes in 60 days or less.