You can most certainly auction your own home using online services. You cannot, however, auction your home in person. In most of the states, you cannot host a public auction for your home without being bonded for well over $10,000 and having a licensed auctioneer there with you.
This is an option where you can do what is called a reserve auction. This is similar to a silent auction that is used within the eBay system. You will need to check your local laws as to whether there are any restrictions in your state for doing your own reserve actions for real estate. Basically you prep everything for sale with mass mailings, posting handbills and creating ads to go in publications so you can attract buyers to the open house with a minimum bid that is set in place. It is quite safe to sell without agents or auctioneer however if this is your first time doing this professional assistance might not be so bad.
There are many programs available to make your own house brochure online. From there you can secure a broker to be there with you on the auction day. The best thing you can do to help your auction out significantly is by offering to call all bidders throughout the time to allow them a chance to top the highest bid before it closes at a certain time previously arranged.
If the highest bidder’s finance falls through you can then move down the list to the second highest bidder. There is a problem doing it this way, and that is there is too much for sale inventory, so you may not merit a huge amount of attention as the rest doing the same thing unless you have a well-located property with a very generous price for the reserve. This means you may need to put on offer a home that has been valued at $350,000 for a reserved price of $260,000. This is a game not for the soft-hearted.
While it is safe doing it yourself it can be beneficial to get an agent to take over where they have far better marketing strategies than you have access to which can reach more serious buyers. If given the right conditions, they can sell your own home fast with no hassle. Be aware that there are auction-house fees which can be as high as 9% and are often split in various ways between the buyer and the seller also known as the buyer’s premium. Most times it is the sellers that take on most of the fees.
Be prepared that auction attendees are only out to seek the rock-bottom bargains.
You have online auction sites will command a smaller commission however they cannot get a huge frenzy like you to see within the live auctions. If you don’t use the words absolute auction, then your home will not be sold unless there is an agreement that you sell for a specific bid amount that can meet the minimum objective within the auction venues.
If you think you have the knowledge, the savvy attitude and strong willpower then you can try the reserve auction is it safe to do as long as you read up on it beforehand. There are different laws within each state to do with marketing and pricing so be sure to check them out before going any further.