Home sellers who are eager to move in order to relocate might want to consider an auction, which gives them a concrete date and time for the home to be sold. Auctions offer other benefits for sellers, such as eliminating the need for a contingent contract based on property inspections and repairs and extensively marketing the residence to a particular pool of buyers. They have the ability to set a minimum sales price or hold a reserve auction in which they can accept or reject the highest bid; and experts say most homes sold at auction fetch close to the market value, with the added benefit of a speedy settlement. However, they must not owe more than their homes are worth, which would require short sale negotiations with the lender. Meanwhile, buyers often have access to the home through an open house prior to the auction; and they must secure financing beforehand and prepare to pay the market value or more, depending on how many people are bidding. Auction companies collect marketing fees from sellers, while buyers cover the Realtor commissions. | Read More