Selling your home by auction can undoubtedly be stressful. But by understanding how a typical real estate auction day works, you can ease your anxiety and prepare for the possible outcomes. 

On the day of your auction, our auctioneer will begin by making introductions to the audience and announce any rules and regulations. Once all announcements have been made, the auctioneer will call for a bid from the crowd. 

As the seller, you determine whether you want your property to be sold at a reserve which is the minimum price you are willing to sell. By setting a reserve, you have control over the amount your property will be sold for, and bidders will make offers on your home until the reserve price is reached. If the reserve is not met, you will have the opportunity to decide to either take the highest bid or reject all offers. If you decide not to set a reserve price, your property will be sold to the highest bidder, regardless of the price. 

After the real estate auction has taken place, there are two options. If your property did not sell right away, you may want to discuss other options with your agent, like re-advertising and marketing the property at an agreed upon price. If your property met its reserve, or if you accepted the highest bid, the auctioneer will invite the purchaser to sign a contract of sale and pay the deposit. Once the contracts have been signed and the deposit is paid, your property will be sold and you may meet the buyer.

Greenways Real Estate & Auction is the most trusted auction firm in Virginia. With 60 years of experience, we have the know-how and expertise needed to help you achieve the cash you want quickly and efficiently. If you have additional questions about what to expect on your the day of your real estate auction, or you want to list your home for auction, call us at (540) 962-1155 or visit our website.