The Basics of a Real Estate Auction

OreillyTeam-HomeAuctionCircle2-Jan15

In Northeast Ohio’s competitive real estate market, you may be thinking of trying to either buy or sell a home through a real estate auction.

Before you do, it is helpful to understand something about the process of Ohio real estate auctions and what to expect. Here is a primer on how real estate auctions are held and how the process works in areas such as Chardon, Chagrin Falls and Middlefield:

What type of properties end up at an auction? Any type of property – a farm, home, vacant land, or commercial property– can be auctioned off by a qualified real estate auctioneer in Northeast Ohio.

How is the starting price determined? The starting price for the property is determined by the auctioneer and the owners. In auctions for Geauga County real estate, there may be no starting price or the auctioneer will determine what the property may be worth then it is discussed with the seller and an agreed upon starting price is established.

Can you visit the property before bidding on it? That depends. For some auctions in Geauga and Cuyahoga County, the homes are sold “as is” with no visits. Other auctions have set times for visits and inspections before the home is sold. There are many different formats for home auctions. It is wise to check with the auctioneer or the website listing the property to see the requirements.

How do I pay for the home? If you are the successful bidder on the home, you must provide a cashier’s check for earnest money before you leave the auction. Escrow and closing is held just like any other real estate transaction afterwards, guided by the bank, title company and agents.

For more information on real estate auctions, contact the O’Reilly Team today! We can help you sell your property quickly with this flexible method. Call now!