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Chicago Real Estate Blog - Details |
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Using Auctions to sell your home?
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Posted by: John S. Osga - 12/26/2007 10:15:18 AM
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Thinking about alternative ways to buy or sell a home? How about an auction. While not for everyone, there are definitely advantages if you are in the right situation.
Real estate auctions for residential properties are increasing in the Chicago real estate market. With more web sites touting real estate auctions poping up, it seems like this is fast becoming a legitimate way to buy and sell real estate.
Some points to consider:
For Sellers:
<li>Make sure you have a minimum bid requirement
<li>Market your listing prior to the auction
<li>Consider using a rea estate auction service to assist you
<li>Have an idea of the value of your home prior to the auction
<li>Communicate to perspective buyers the auctions end date and time
For Buyers:
<li>Know the values of the homes in the neighborhood
<li>Have the neccessary finanicing available prior to the auction
<li>Pay attention to what others are bidding
<li>If possible, get the home inspected prior to the auction
Auctions are not for everyone. Sellers usually have substaintial equity in the home and are motivated to sell the property. Buyers need to have the financing readily availble. You can definitely get a great deal if you are willing to buy on spec and, for sellers, you can get your home sold fast.
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