How a traditional listing works
You set an asking price, list the property, and wait for offers. Buyers negotiate, inspections and financing contingencies come into play, and the price often moves. It can work very well for a move-in-ready home in a hot market, especially when you have time.
The tradeoff is uncertainty. You can’t know how long it will take, what the final price will be, or whether a deal will fall apart in the middle.
How an auction works
With an auction we set a timeline and a sale date up front, market the property widely, and let buyers bid against each other. The property sells as-is, with no contingencies, and open competition sets the price.
Auctions are especially strong for land and non-traditional property, which are hard to price, and for estates, inherited homes, and sellers who want a firm date.
What it costs the seller
At auction, sellers pay no commission. It’s paid by the buyer through the buyer’s premium, so the seller handles standard closing costs. As one of my sellers put it, “the only thing I had to pay was closing costs.” I always go through the numbers with you first, because every sale is a little different.
So which should you choose?
If you have time, a move-in-ready home, and a market that favors sellers, a traditional listing may be the right call. If you want certainty about the timeline, you own land, an estate or an unusual property, or you don’t want months of showings and price drops, auction deserves a serious look.
Call or text me and I’ll give you my honest recommendation for your specific property.
— Jake Goist, Auctioneer/Realtor®, Auction Ohio Real Estate. Ohio License #2024000051. This guide is general information, not legal or tax advice.