Is it a Good Idea to Auction a House in Baltimore? – The Do’s and Don’ts…

A Single Family Home That Was Up For Auction in Baltimore County, Maryland in October 2018

Have you seen those auction signs around town lately? They seem to be EVERYWHERE! Particularly in Baltimore City and Baltimore County. Has it got you thinking, “Should I consider auctioning my property?”

Selling your home at auction is a growing practice throughout Baltimore and Maryland. It offers the opportunity to sell your house quickly! Not only that, the property does not need to be fixed-up and there’s no realtor fees. However, is it worthwhile?

As with all things, there can be downsides to auctioning your home rather than selling it through the traditional real estate sale process with an agent or to a professional home buying company like Creo Home Solutions.

In this article I’ll dive into some of the do’s and don’ts of auctioning your house in Baltimore and surrounding areas and discuss the question of “Is Auctioning My House in Maryland A Good Idea?


Is Auctioning Your House A Good Idea in Baltimore, MD?

When considering auctioning your house in Maryland, it is important to note there are several things that must be done before your property can be put up for auction.

The “Do’s” 

  • In order to actually get your house auctioned off, you must first find an auctioneer in Baltimore. There are many auctioneering companies to choose from, so it is important to take time to research a few before selecting one to represent your house. Be sure to look for auctioneers with plenty of experience.
    • Places to search for an auctioneer:
    • It may be a good idea to attend an auction or two, to get a feel for how each auctioneer runs their auctions.
    • Compare the fees that each auctioneer charges for their services to determine the best fit for needs and budget. In some instances they may take up to ten percent of the sale price of your house. This greatly reduces the amount of profit you would receive when compared to other ways of selling your home in Baltimore.
    • Or heck, if you don’t want to hire an auctioneer… you can do it yourself! An experienced auctioneer will use their skills to drive the price of a house… but you are allowed to run an auction yourself. Just keep in mind that you need to be clear about the rules of the auction with bidders, the starting bid price, whether they have to have cash and a deposit at the auction, etc.
  • Decide which kind of auction you want to run – Absolute or Reserve? Wait, there’s more than one type?? Yes! We’ll explain it here:
    • Once you feel that you’ve selected the house auctioneering company in Baltimore that’s right for you, establish which kind of auction you want it to be, absolute or reserve.
      • In absolute auctions there is no minimum limit that your house must sell for in order to be sold. This means that whatever the highest bid ends up being, that is what you’re going to get.
      • Reserve auctions are those that do have a minimum limit, and if it doesn’t reach that limit, it doesn’t get sold.
    • Although it seems like a clear choice between the two, don’t assume that reserve auctions are always the better option. If bidders are not willing to bid until they reach the limit, your property will never be sold and you’ll be left stuck with a house that you don’t want, often times still having to pay the auctioneer some fees.
    • Also, auctions that are “no reserve” (or absolute) tend to attract more potential bidders to the auction looking for a great deal… and if one of them gets wrapped up in the bidding frenzie… that could mean the difference between selling the house that day and not selling it.
    • Think carefully before making a decision about what it is that you want more. If you want to sell your house as quickly as possible in Maryland, then doing an absolute auction is the quicker option. If not, then perhaps a reserve auction would be more in your goals.

The “Don’ts”

  • Don’t leave out any needed repairs about the house from your auction description
    • A really important step in selling your house at auction in Baltimore is to list all the problems that your property has. Make sure you include any needed repairs regarding the property. If you don’t, many times the buyers will come after you regarding any defects that were not disclosed prior to the start of the auction.

Lastly…

  • Don’t go into an auction with fantasies of a bidding war erupting that leaves you with an enormous profit.
    • Place a realistic price that you hope to earn but don’t be too disappointed if your house sells for less than you think it’s worth. It is common to have emotional attachment to the house that the people bidding on the house will not have. Auctioning a house in Maryland may bring in less money than a traditional real estate sale, but it is relatively quick, and can spare you the heartache and stress that can come from the more traditional approach.

So, That Leaves Us To Ask: “Why Are You Thinking About Auctioning Your Maryland House Anyway?

You landed on this article for a reason… auctioning off your house has crossed your mind.

It may help you sell your house more quickly… so why not give it a go right?

Before you choose to auction off your house… try another option first.

Our company, Creo Home Solutions, buys Baltimore area houses and those throughout Maryland and DC. We’re not looking to list your house… we’re looking to actually buy it.

We buy Baltimore houses

  • In ANY condition
  • Any part of town and even other parts of Maryland and DC
  • Ugly houses, Pretty houses, houses in great shape, houses that need lots of repairs
  • Houses with lots of equity and even houses with little or no equity

We’ll pay a fair price, we can close fast (sometimes in as little as 7 days), and you won’t have to fix up the house at all!

If you’d like to see what we can pay for your house BEFORE you decide to auction it off… reach out to us.

You can call us anytime at (410) 870-9228 or just click the link below and fill out the form on the next page to receive a no risk, no obligation offer for your house in Maryland!

So, Is Auctioning Your House A Good Idea in Baltimore?…  that’s for you to decide. But if you want to see if working with us makes more sense first before you jump into the “auction” world… submit your info below and we’ll reach out to you within 24-48 hours!

Get A Cash Offer On Your Baltimore Area House Here >>

Here’s another great read that I found recently which discusses When It’s Time to Consider an Auction for Selling Your Home, should that be an option you are considering.

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get Your Free Offer TODAY!

We buy houses in ANY condition and can close fast! You pay no commissions, no closing costs, and do not have to do any repairs. Fill out the form below to get a free, no obligation offer!
  • This field is for validation purposes and should be left unchanged.