Is Realestate Auction a good way to go??

[wemisshi]

I own a home in N.C. It has a VA loan. I have a tenant in the home until April. The home is in immaculate condition with the exception of needing a paint job on the exterior. I cannot afford to paint it, as I have just placed a new roof on it as of this year. I have thought about Auction, so that I can sell the house and pay it off. I do not need to make a dime, other than whay I would need to pay the Auctioneer. Does this seem a good way to sell. One that would be quick? Would this affect my VA?

 

[David J. Miller]

How will you market the home and get people to the auction? Will you accept bids from buyers with no evidence of approved financing? What if the lender requires work orders as a condition of the financing? Who will pay for them? Who will be responsible to ensure you have the completed the purchase agreement properly to minimize your future liability for non-disclosure?

The property will get much more exposure on the multiple listing service, assuming there is one in your area. This means you'd probably get a better price than trying to sell it on your own. It's advisable to use a licensed real estate agent or an attorney to handle all of the various issues relating to a real estate transaction.

In a sense, listing your house is a form of an auction. If demand is high you'll get multiple offers at the same time. If demand is not so high you may get offers over a period of days or weeks. Rather than paying an auctioneer, pay someone who is trained in the art of selling real estate.

 

[HomeGuru]

In some parts of the country where there is a hot Sellers market like Silicon Valley and other similar areas, an auction would work. In your case, an auction would not be that ideal especially with a VA loan. Did you use your Certificate of Eligibilty and do you need it back to buy another home?