Can You Actually Sell Your House in 7 Days?

Obviously there are many sellers out there across the country and even here in Richmond Virginia that are having a difficult time selling their house in this market. There are many factors on why this is the case. It partly has to do with the supply of houses that currently exists; it partly has to do with the challenge of buyers not being able to get qualify for any type of financing to buy a house. Whatever the reason houses are sitting on the market longer and longer and selling for a lower price.

One strategy that can be very successful is having your own auction to sell your property. Now this may sound like a new concept to many of you out there. But in times like these you need creative measures to get houses sold, right?

There are several real estate gurus out there that have written books and courses on how to do run one of these sales. Basically it is referred to as a round robin auction. To set up one of these round robin auctions you first plan an event. The real key is to do a ton of marketing to drive people into your house over a weekend. You then ask them to submit bids on your house. Throughout the weekend while people are at the house you get them to write their highest bid on a sheet of paper. On Sunday night after the open house you call back all of the buyers interested in the house and ask them one by one if they want to increase their bid over the current highest bid.

Now a proper round auction should net you a bid price somewhere between 80%-90% of the estimated true worth of the property. Now this may not work for you because you want more money. Trust me, I understand this. However if you consider that fact that there is usually a real estate agent involved at 6%, there is holding costs, closing costs, inspections, and many other hidden costs that can add up to another 4%-8%.

When you factor all this in combined with the fact that your headache of selling is over it may be very appealing. Selling your home with a round robin auction creates a win-win situation for both you as the seller and your buyer. Remember that there are other alternatives to selling your house other than the traditional methods. In markets like these you need to think out of the box and do what it takes to get your house sold...and fast!