My Top 10 reasons to sell your property at auction
Selling your property by auction can be quick, simple and chain free. Once the hammer falls, your property is sold. With the whole process taking around 6 weeks, take a look at my top 10 motivations to sell at auction:
Speed:
Selling at auction is generally a much quicker option than selling your property on the open market with an estate agent. The standard completion date usually takes around 28 days but can be modified by the vendor, and in some cases can be as little as 14 days. Pre-auction offers are also very common these days and this can speed up the whole process entirely, should this be something that you require.
Certainty:
Selling your property at auction, completely cuts out the worry of broken chains and fall throughs. There is no backing out and no re-negotiating the price. When the hammer falls, your property is sold, without any worry of you losing your buyer.
Set Dates:
If you need to sell your property quickly, with no complications, the auction room is the place for you. With very accurate deadlines and completion dates, there is no waiting around. You know the auction date that your property should sell and from this you can set a definite completion date, usually within 28 days. This is particularly helpful if you are working to a specific timescale.
Flexibility:
From tenanted properties to development opportunities, the auction room offers a wide variety of different property types, to suit many different buyers. You can sell your property exactly how it is, and this provides a much more flexible and simple method to sell your property.
Development Opportunities:
An auction room is usually filled with builders and developers who relish renovation work and there is a huge demand for these types of properties in the auction market. If you have a property due a major re-vamp, or simply just a small refurb, selling by auction could be perfect for you.
Failed a Survey:
Have you had a buyer back out due to a failed property survey? Try selling your property in an auction, where there will be no fall throughs and no back outs. Once the hammer falls, the property is sold. If in the very unlikely event a buyer does back out, they will lose their deposit – making this an extremely rare occurrence in our auction market.
Don’t Miss Out:
Your dream home has just come on the market and you need to sell your property quickly, so that you don’t miss out. The auction room is great place to sell, as you can complete the sale within 28 days of the hammer falling.
Public Sale:
If a property has been repossessed, entering it to auction allows a fair price for the property, with no disputes. With it being an open and public sale, it allows anyone the right to attend and bid, in a fair and non-dispute way.
Inherited:
If a property is surplus or the beneficiary might not live locally, an auction is the best place to sell. It offers a fair chance of what price the property will sell for and with the reserve price set in place, you will know the minimum price you will get for the property. Probate-properties are also some of our most popular properties that go under the hammer!
Competitive Environment:
If a property is attractively priced, offering it in an auction room full of motivated buyers to compete can often drive up the price. If the property attributes are right, you are likely to achieve a great sale, with many motivated buyers wanting to win, and in fact many of the properties sold at auction exceed their reserve price!
Written by: Andy Thompson – @AndyT___
You May Also Enjoy
Four to five houses is the sweet spot for first-time buyers
Opinion: Why Letting Agents Are The Cape-Wearing Heroes Landlords Need
Void periods ease following RRA implementation, but remain higher than a year ago
76% of Poor Conveyancing Experiences Feature Communication Issues
1 in 8 new-build homes unsold after six months
