Auctions explained
How real estate auctions work in Ohio
If you’ve never been through an auction, that’s okay. Most of my sellers haven’t. Here are the questions I hear most, with straight answers.
What is a real estate auction?
A real estate auction is a sale where interested buyers bid openly against each other for a property on a set timeline. Instead of waiting on offers and price reductions, the market determines the price on a date everyone knows in advance.
Why sell my property at auction instead of listing it?
Auctions create urgency, transparency and competition. You get a defined timeline instead of a long listing period, your property is marketed locally, statewide and nationally, and open bidding lets the market, not speculation, determine the price.
Do sellers pay a commission at auction?
Sellers pay no commission. The commission is paid by the buyer through the buyer’s premium, so sellers handle standard closing costs. I’ll go over every cost with you before you decide anything.
Are auction properties sold with contingencies?
No. Auction properties are sold as-is with no contingencies, on a definitive timeline set with the seller.
How long does it take to sell by auction?
Auctions run on a defined timeline. In my experience properties sell in 30 days or less once an auction is under way, and you know the schedule from the start.
What kinds of property can be auctioned?
Land, farms, hunting and recreational ground, single-family and multi-family homes, estates, commercial and investment properties. If it’s real estate in Ohio, I’m glad to talk about it.
Is Jake Goist licensed?
Yes. Jake Goist is a licensed Ohio auctioneer and Realtor® with Auction Ohio Real Estate. His license number is 2024000051.
Where does Jake Goist work?
Jake is based in Worthington, Ohio, and serves central Ohio, including Franklin, Delaware, Licking, Fairfield, Knox and Muskingum counties. Auction Ohio serves sellers and buyers across Ohio’s 88 counties.
What if the winning bidder backs out?
It can happen. When it does, I keep working. In one past sale I stayed on it until the second-place bidder was under contract.
How do I get started?
Call or text Jake at (614) 600-8013, or send a message through the contact form. The first conversation is free and there’s no pressure.
Want Auction Ohio’s own overview? See How Auctions Work and Selling with Auction Ohio. Or read my seller guides.
Ready to sell with Jake?
The first conversation is free and there’s no pressure. Call or text and let’s talk about your property.