You can contract with a Real Estate Agent. Typically, they put a sign in your yard, place it on the MLS, contact their circle of influence, and wait. Where they can be specifically advantageous to a seller are the legal areas where you can get into trouble, and market averages. They will protect you, most of the time, from the sellers propensity to over value their property. Human nature, emotional attachment, and a belief that selling your house is like selling a used car, often cause sellers to price themselves right out of the market, wherein people actively looking, pass your property over to look and buy similar properties for less. This is a traditional method that most people use. What you must look carefully at is the average days on the market. This is a hugely overlooked concern that costs a lot of people a lot of money. If you own a $200,000.00 home, have had it for 10 years at 6%, you will owe approximately $170,000.00 on it. Each time you make a monthly payment on it you are paying approximately $840.00 interest on it. If it takes you 12 months to list it, contract and close, you've just lost close to $10,000.00 in interest, plus taxes and insurance. This is what is called holding costs.
A lot of people don't want to pay a professional, but in the long run it costs them money, unless they possess a specific skill set, or are lucky. It does happen.
The other option is an auction. A lot of people think that an auction is only for distressed property. That is simply not true. A properly marketed auction will bring the true market value of a property each and every time. That said, anyone involved with an auction must be careful when they use the term "properly marketed". Too many people go too cheap on marketing and it shows in the results. A newspaper ad, a few online sources (usually pitched as free) and an email blast, may not get it.
The benefits of a Real Estate Auction are that you calculate the time that the property will sell, typically 60-70 days. You don't gamble your holding costs, and the property brings true market value. You also don't have to worry about contingencies, such as finance, have to sell my house before I can buy yours, fix this, give me a warranty and I'll buy yours.
I had to laugh when I was in Real Estate School as I had two instructors interrupted by texts with offers. Both had listed a house the night before and had multiple offers. They were so proud, and in a traditional sense, I understood and was happy for them. But, as a professional Real Estate Agent and Auctioneer, all I could think to myself, was, what if we got those multiple buyers all together, what would the properties have sold for. Auctions work, for distressed, trophy, commercial, and every other type of Real Estate.
Shawn J. Dostie, Auctioneer
Sperry Van Ness Gryphon Parker Realty
90 Northwoods Blvd.
Columbus, Ohio 43035
(740) 622-8350 Coshocton Office
(740) 502-1017 Cell