Those Auction Questions You’re Not Asking

OreillyTeam-HomeAuctionCircle2-Jan15Selling your home through an auction process is unique and unfamiliar. For that reason, your auctioneer should be willing to answer any and all of your questions, including those you might feel silly asking. Here are some of those valid questions you’re likely not asking:

What if no one shows up to my auction?
You might fear this, but if the auctioneer is doing his or her job to the best of their ability, it is not likely to happen. Every situation is unique and your auctioneer should be able to keep you informed of any concerns or obstacles that would affect turn out on auction day. It is very likely that by the time auction day arrives, you will have been provided with a realistic expectation for attendees.

What if no one bids on my property?
This, too, is not likely. Your auctioneer will be targeting those buyers most likely, and able, to purchase your home. It is not likely that many bidders will register, inspect your property, and show up to auction without a real intention to bid.

Aren’t auctions only for distressed properties?
It is myth that auctions are used only to sell distressed properties. It is increasingly common to sell luxury properties, residential homes, vacant land, and commercial properties through an auction.

Will I get the selling price that I want?
With your auctioneer, you will determine a reserve price for your home—the minimum amount you are willing to accept for your home. The unique element of an auction is that interested buyers will bid competitively against one another in order to purchase your home. This often drives up the selling price, as buyers compete to have the highest bid.

If you have additional questions about the auction process, contact O’Reilly Auctions today. We will take the time to answer all of your questions and explain every step of the auction process.