A lot of the issues included with putting a home on the market are eliminated, and companies that specialize in home auctions can do most of the work. There are also a few benefits to selling a home in this manner that aren’t Those who do not want to sell a home traditionally should look into selling their home at auction. available when a person puts their home on the market in the traditional manner.
How Fast Can the Home Sell?
The timeframe for selling a home auction-style can be considerably shorter than it would be if the home were being sold traditionally. With a real estate auction, the homeowner knows the exact date of the auction, which is when a person will agree to purchase a home. When a person lists their home for sale in a traditional manner, they have no idea when, or even if, they will receive an offer on the home.
A good estimate of how long the process takes is around seventy days. This is why many people choose to auction their home at estate sales, as traditionally selling a home can mean waiting months just for an offer. Knowing that the home can be sold in around seventy days is a huge benefit for those wanting to sell a home quickly.
A Look at the Home Auction Timeline
What goes on in those seventy days? Typically with auctions in NC, day one is when the person or company that owns the home signs on the dotted line agreeing to allow the home to be sold in the auction. At that time, the marketing budget and the reserve price will be put into the contract.
The day after signing the contract, the title will be examined. Day three is when the photos of the home should be taken. On days four and five, a mass email and postal mailout will be set to prospective buyers, alerting them that the home will soon be sold at auction.
Day six is an important one, as this is when the title examination report usually arrives. As long as there aren’t any issues, the process can continue as scheduled. Day seven can be another photo and video day if needed. On days eight and day nine, the flyers and marketing materials need to be sent out.
On days eleven through fifteen, the auction company will run its marketing campaign. On days sixteen and seventeen, the radio ads will run. Days twenty-two through twenty-nine can be preview days for the auction. The magic happens on day thirty-five, as this is when the live auction happens and the owner finds out how much they will be selling the home for.
Closing Day on the Home
Day seventy is another big day. This may be when everyone signs on the dotted line, and the house is officially sold. Keep in mind that these dates are just estimates, but the sale can follow the above timeline if all goes smoothly.
Carolina Auction and Realty is a company owned by Tom Jordan. Mr. Jordan specializes in selling homes through real estate auctions in North Carolina. He offers auctioneer services, real estate broker services, and appraisals.