In addition to always trying to use cash as much as possible, another quick way to get a home sold is by using an auction. There are a few things to keep in mind however, for both buyers and sellers.
Buyers. Know What You’re Getting
Auctions are very useful in the real estate world and is a great way to make a quick sale. There is some risk that is involved when you are using an auction if you are buying however. There is something that we call a “blind sale” which is becoming more and more popular in a world where foreclosures are becoming more prevalent. This is where you agree to purchase the house and it is yours but you do not get to go inside the house before you buy.
This may sound terrifying to a lot of you out there and for the most part, we tend to agree. However there has been a number of cases that I have worked with personally where blind sales have actually been huge investments that ended up paying big.
You generally have no idea who you are buying this house from and aside from your gut instinct and a little paperwork, you don’t have much to go off from. This is usually only done with agents who have years of experience in the market and know exactly where they are looking and what kind of ROI they should be receiving at the end of the day.