Auctioning Your Florida Home
Florida Home
Florida homes usually have no trouble being sold off however if you are looking for a quick way to have it out of your hands then you could opt to have your Florida property auctioned. The tricky part about having Florida homes auctioned off is making sure that you have sold it for its maximum potential. Follow the listed tips in having your Florida property auctioned off.
Step 1 – Start looking for a reliable and professional auctioneer or auctioning company in Florida. You can search for these auctioneers for Florida homes through searching different local zip codes. Certain auctioning companies may give you a pre-requisite of hiring an inspector for your Florida homes. If this is the case then you must hire such a person and have the inspection completed on your Florida homes.
Step 2 – Once your property has been assigned to a certain auctioning company in Florida, you can try searching their database to see what exactly they would be doing with the Florida property you would pretty much put into their hands. You can review past instances of how they handled previous Florida homes that have been auctioned off. If you do decide to sign with the Florida auctioning company you are looking at then you will inquire about signing a specific contract with them. Be careful to review the contract in its entirety before you sign with this company for your Florida homes.
Step 3 – Search for ways to advertise your Florida homes once you have completed Step 2. The best ways for advertising in Florida would be to use the internet,
Step 4 – Help to get the word out. Use online fliers, publication announcements, posters and other marketing materials to notify the public of the auction. Include the name of the auction company, auctioneer (with license number), date and time, photo(s) of the property and descriptive data about the property and surrounding land.
Step 5 – Set up an online gallery. Create a virtual tour or photo gallery for buyers to browse. Provide a fact sheet about the property and list key features like land value, number of bedrooms and location.
Step 6 – Determine a fair market value for the property and set a minimum floor or asking price. Set the floor price according to its fair market value and instruct the auctioneer to start the bid at that value, if desired. See the link below to search the value of your property.
Step 7 – Prepare for the day. List the minimum floor price and start the bidding accordingly. Allow the bidders to bid for the property until an agreeable auction price is met. Generally, this will be any amount over the floor price; however, this can also be the floor price, if a bidder does not bid above it.
Step 8 – Finalize the sale of the property. With the sale price defined, meet with the buyer to finalize the sale. This process should be guided by a lawyer in order to ensure the terms of the sale are clear. Generally, an auction property is sold, “as is.” Also, a penalty is generally assigned for failure to pay the agreed upon bid amount.
Step 9 – Wait to receive payment. A bidder has anywhere from several weeks to 30 days to meet the terms of his bid. If payment is not received, the bidder can be held accountable for up to 30% of the bid amount, or the percentage detailed in the purchase agreement.