There are three primary ways to sell your home at auction in the State of Ohio. It is important that you be aware of the terms of your auction and select the best method according to your particular situation. We at Basinger Auction Service will be able to guide you through this process and protect your interests in the best was possible. We have many years of experience auctioning real estate and can help you avoid the big problems and common mistakes that home owners can make.
An absolute auction sells to the highest bidder with no minimums or reserves. This way we stimulate the largest amount of interest as some people will feel they can get the greatest ‘deal’. Seller’s often worry that their $100,000 house will only sell for $30,000. However we’ve found that with the right marketing, auctions will produce fair market value. This method is ideal for those who have little or no mortgage on the property.
Estate sales and those with more significant mortgages will often opt for this method. Courts generally require that estates bring 80% of the appraised value (as established by a state certified appraiser). Also, those with high pay-offs cannot ‘risk’ and absolute sale unless they have the funds to make up any difference in what is realized auction day and what is yet owed. at 80% of the appraised value, this is still a method that invokes a good deal of interest in a property as people still feel they can get a good ‘deal’ on the property.
Subject to Confirmation
Similar to a ‘Reserve’ sale, the seller has the right to accept or reject the highest bid. We’ve found that this method results in the least amount of bidder interest because the buyers generally don’t know what the seller is willing to accept or, if they do know, think that the reserve is unreasonable.
There are pros and cons to each methods and each seller has to decide which method will be in their best interest.