Selling your home at auction in New Orleans is a growing practice throughout America, because it offers an opportunity to sell your house fast, without paying real estate agent 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 an agent or to a real estate investment firm like Omni Home Buyers.
In this article I’ll dive into some of the do’s and dont’s of auctioning your house in New Orleans and surrounding areas and discuss the question of “Is Auctioning Your House A Good Idea in New Orleans LA?”
Is Auctioning Your House A Good Idea in New Orleans?
It’s crucial to prepare for the auction of your New Orleans house by making several arrangements beforehand. First and foremost, it’s essential to hire an experienced and reputable auctioneer who can guide you through the auction process and ensure that everything runs smoothly. It’s also crucial to market your property effectively by placing ads in the local newspaper, posting signs on the roads, and holding an open house to attract potential buyers. Additionally, listing all the problems and faults with your property is vital to avoid legal action from buyers after the auction. It’s also crucial to set a realistic reserve price and determine whether a “no reserve” or a “reserve” auction is the best option for your property. Finally, be prepared for the possibility of the property selling for less than expected and consider the potential benefits of a quick sale process. By taking the time to prepare for the auction of your New Orleans house, you can increase the chances of a successful sale and ensure that you are satisfied with the final outcome.
The “Do’s”
- In order to actually get your house auctioned off, you must first find an auctioneer in New Orleans.There are many auctioneering companies out there today, so do your 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 LA.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.
- Decide which kind of auction you want to run – Absolute or Reserve?Once you feel that you’ve selected the house auctioneering company in New Orleans 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.
While it may appear that reserve auctions are the obvious choice, it’s essential not to assume that they are always superior. If bidders are not willing to meet the reserve price, the property may not sell, leaving you with a house you don’t want. On the other hand, “no reserve” (or absolute) auctions tend to attract more potential bidders who are seeking a great deal, increasing the likelihood of a successful sale. If a bidder becomes engrossed in the bidding process, it could mean the difference between selling the house that day and not selling it.
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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 New Orleans, 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 description Listing all of the issues with your property is a crucial step when selling your house at auction in New Orleans. It’s essential to disclose all faults, as failing to do so could leave you vulnerable to legal action from buyers after the auction. Don’t omit any potential problems, as honesty is the best policy when selling your house at auction.
Last…
- Don’t go into an auction with fantasies of a bidding war erupting, leaving you with an enormous profit. It’s important to set a realistic price when auctioning your house in New Orleans, and to not become too disappointed if the final sale price is lower than your initial expectations. While you may have an emotional attachment to your home, potential bidders may not share the same sentiment. Auctioning your house may result in a lower sale price than a traditional real estate sale, but it offers the advantage of a relatively quick sale process and can spare you the stress and heartache of a more conventional approach.
Why Are You Thinking About Auctioning Your New Orleans 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?
Before you choose to auction off your local house… try another option first.
At Omni Home Buyers, we specialize in purchasing houses in the New Orleans area. Unlike traditional real estate agents who aim to list your property and find a buyer, our goal is to purchase your house directly from you. We understand that selling a house can be a stressful and time-consuming process, and we strive to make it as easy and efficient as possible. Our team of experts has years of experience in buying properties, and we are well-equipped to handle any situation. Whether you are facing foreclosure, going through a divorce, or simply want to sell your house quickly, we can help. We offer fair cash offers for properties in any condition, and we can close the deal in as little as seven days. Our goal is to make the process of selling your house as stress-free as possible, and we are committed to ensuring that you are satisfied with the final outcome. So if you’re looking to sell your house in the New Orleans area, don’t hesitate to contact us today.
- In any condition
- Any part of town and even other parts of LA
- 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 would like to determine what we can offer for your house before deciding to auction it, please don’t hesitate to contact us.
You can call us anytime at (504) 399-3155 or just click the link below and fill out the form on the next page to start the process.
Deciding whether auctioning your house is a good idea in New Orleans is ultimately your choice to make. However, if you would like to explore alternative options before delving into the auction process, we invite you to submit your information below to begin working with us today.
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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.