Belt Auction

How do I sell my free & clear house at a live auction?

I am an individual home owner in Minnesota, America. The house is completely free & clear. I got it at a significant discount, so now I want to sell it at an Auction. I always see those ballroom auctions with thousands of attendees, and I strongly desire getting my property into one of those events. I have 2 scenarios, 1 the price I want to sell it at is far below what most lenders give out in mortgages and 2 the price I want to sell it at will probably be purchased by people that are approved for mortgages. Now I know of services like REDC and Hudson&Marshall. How would I get my house into one of their live auctions?? Should I or do I have to sell it through a realtor?? Are there any other notable Auctioneer Services for home sellers, you know about or would recommend? What is the process like typically? I have been struggling with this problem for the longest time. Please be as specific as possible and reference your answers. Thank You in advance.

Public Comments

1. Right now you will probably not succeed in hiring anyone like REDC or Hudson or Williams&Williams. They are swamped with bank repo's to sell. You will pay them apx 9% of the price. The buyer pays them a 5% premium. All of their auctions have a reserve bid. That means that the majority of the houses do not sell ( the high bidder "wins" the auction but is notified later that she did not meet the reserve). You can hold your own auction. You pay for ads. You set a minimum bid.... or you make it an "absolute" auction where the winning bidder is guaranteed to own the house. Or you can post an ad on Craigslist saying that you will choose the high bidder after the ad has appeared for 7 days. That could generate some excitement. There are no auction houses that offer what you want. But you could hire a local auctioneer to hold your personal auction. Probably costs you $150 for one hour.