How Does Selling a Home at Auction Work?
Selling your home at auction is simpler than many people think, often even simpler than selling the traditional way. Because we partner with Auction Ohio, you benefit from both traditional real estate marketing and Auction Ohio’s extensive auction marketing. This means more eyes on your home, more potential buyers, and more competitive offers.
Once we tour your home and determine it’s a good fit for auction, Auction Ohio will walk the property as well. They’ll discuss whether you’d like to auction personal belongings and help you establish a reserve price, which is the minimum amount you’re willing to accept. This number is strategically set to increase demand and encourage competitive bidding, often resulting in much higher final sale prices.
From there, we capture professional photos and videos and begin a full-scale marketing campaign. Your home is listed in our MLS systems and on Auction Ohio’s website, which receives over 1.6 million monthly visitors. Both Auction Ohio and the Yoder-Barnhart Team promote your home through social media, email marketing, print materials, and more.
We host two one-hour open houses, which makes the process easy on you, you won’t have to deal with constant showings or last-minute requests. When the auction date arrives, bidders can participate either online or in person. Once the highest bidder is confirmed, the property goes under contract immediately.
Will My Home Sell for Less at Auction?
This is one of the biggest concerns sellers have, but in our experience, homes often sell for more than expected. The competitive bidding environment drives the price up, especially when the reserve is strategically set below market value to increase demand.
Plus, auctions often improve your bottom line because the buyer pays the commission through a buyer’s premium. This structure puts more money in your pocket at closing.
What’s the Difference Between a “Reserve” and “Absolute” Auction?
A reserve auction means you set a minimum price you’re willing to accept. This number protects you from selling for less than you’re comfortable with.
An absolute auction means the home will sell to the highest bidder, regardless of price.
In both cases, the property sells to the highest bidder, but the difference is whether you want price protection or you want the guaranteed sale that comes with an absolute auction.
How Long Does the Auction Process Take?
Most auctions take 30–60 days or less from start to finish. We typically market the property for a few weeks, host open houses, attract bidders, and then hold the auction. The winning bidder signs the purchase contract immediately, and closing follows soon after.
Compared to traditional listings, which can sit on the market for weeks or even months, auctions offer a much faster and more predictable timeline.
What Fees or Costs are Involved for the Seller?
When selling at auction, sellers have very few fees. The largest typical expense, commission, is eliminated because the buyer pays it in the form of a buyer premium.
You’ll still be responsible for standard seller costs such as:
- Title fees
- Taxes
- Mortgage payoff (if applicable)
- Your moving costs
Beyond that, selling at auction is usually a very cost-effective option.
What Kind of Homes are a Good Fit for Auction?
A common misconception is that only homes in poor condition are sold at auction. That’s not true. Auctions work well for many different scenarios, including:
- Sellers who prefer to sell as-is
- Sellers who want cash offers
- Unique or hard-to-price properties
- Homes with personal property the owner wants to include
- Sellers looking for a fast, predictable process
The best way to know is to reach out to us, we’ll help you evaluate whether auction or traditional listing is the better fit for your goals
How is My Home Marketed Before the Auction?
When you work with the Yoder-Barnhart Team and Auction Ohio, you get the best of both marketing worlds. You receive everything included in our traditional marketing plan plus Auction Ohio’s extensive exposure.
Marketing typically includes:
- Professional photos and videos
- Optional staging assistance
- Social media advertising
- Email marketing
- Flyers and print materials
- MLS exposure
- Promotion to over 160,000 registered Auction Ohio bidders
- Feature placement on Auction Ohio’s website (1.6M+ monthly visitors)
We also host multiple one-hour open houses before the auction so you don’t have to deal with constant showings. Altogether, this results in more visibility, more buyers, and more bids.
What Happens if My Home Doesn’t Sell at Auction?
It’s rare, but if your home doesn’t sell at auction, we can simply transition to a traditional listing. Depending on condition and market conditions, we may discuss minor improvements, but ultimately we continue marketing until we find the right buyer.
Are Auction Buyers Required to Pay in Cash?
Most auction buyers pay cash, but some use financing. If a financed buyer wins, we thoroughly vet their lender and preapproval to ensure they can meet the auction’s required closing timeline. Cash buyers tend to have the advantage because they can close faster, but financing is allowed in most cases.
How Does the Closing Process Work After the Auction?
Once the highest bidder wins, they immediately sign the purchase contract. If the buyer is paying cash, closing often happens very quickly, we’re usually just waiting on title work to be completed. If financing is involved, closing typically follows the timeline outlined in the auction terms.
