Tampa Home Auctions Are Getting Results

Among the options available to desperate home sellers is the home auction.  Typically homeowners have exhausted their options having tried listing their home with a Tampa realtor, tried to sell it by owner and in some cases put it on Craig’s List.  Having failed at these options they try the home auction approach and it seems to be getting pretty good results.  Home auctions are on the rise across the Tampa Bay area, and it’s no surprise due to current market conditions. 

Reports indicate that home auctions are up 4.4 percent in gross sales nationwide so far this year, compared with the same period last year.  They account for the majority of a 6 percent rise in all auction sales in the same period, the report said.  "It's up 10 percent in the Tampa Bay area," said Marty Higgenbotham, president of the National Auctioneers Foundation.

There are many advertisements for home auctions in the Tampa area.  You may be wondering how this works and if you will actually get a better deal than a foreclosure home, short sale or a bank owned home.  These types of homes have literally flooded the Tampa real estate market lately and are being sought after by investors and regular buyers.  You must know that with these home auctions you are going to have some pretty stiff competition.  There are also fewer auctions than the typical home selling avenues such as short sales and bank owned properties. 

There are different options available to sellers within the auction.  They can choose to have a minimum price or an absolute auction where the highest bidder wins (no matter how low the bid).  Most sellers know what they are getting into and try to be realistic in pricing their home.  They have already failed at selling it on the open market, so they know they have to go to extreme measures if they truly want to sell their home. 

The auctions are getting the attention of people across the globe, as families try to move closer to one another and use the auction option to purchase a home.  It’s somewhat similar to buying a bank owned home or a foreclosure home in the sense that it will be cheaper than market value and the closing will be quicker.  So, do your homework before you decide this is the option for you.

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