At first glance, the concept of a real estate auction could sound intimidating, but in reality, it is fairly similar to an antique auction. The kinds of properties that can be sold at auction is another query that many sellers new to real estate auctions in Ohio have. Does the property have to need repair to qualify?
Some of the homes that are auctioned off through auction service have undergone a foreclosure process, while others can be up for sale because of a significant amount of back taxes and liens. They can be sold by the owner, a bank, another financial institution, a tax body, or any of these. Residential or commercial property of any kind may be put up for asset auctions.
The following are some significant ways that sellers benefit from selling their homes at a real estate auction:
- As the seller, you can specify the terms and restrictions that prospective purchasers must accept to place a bid. This guarantees that the sale will go as planned without presenting any unpleasant surprises.
- There is no expectation of repair on your part as the seller because everyone bidding knows they are buying as-is in an auction scenario.
- There is the benefit of the reserve price. The seller and auctioneer usually set the reserve together with an appraiser or realtor that can assess the potential the home offers to potential buyers.