Benefits Of Selling At Auction

There are many fundamental benefits from choosing to sell a property at auction and it is by becoming familiar with these, that agents and sellers can together decide if Auction is right for a specific property. Speed and Efficiency There is no faster way of selling. Once the gavel has gone down the property is sold, and contracts are exchanged on the day of the sale. Completion normally follows within 28 days. Better Chance of Success Auction gives you a greater likelihood of selling your property than by private treaty. Selling at auction will widen the marketing of your property as the catalogues are sent out to developers, property dealers and investors who are all interested in buying. Higher Profile Marketing Your property will be advertised very extensively throughout local and regional press, national specialist publications, high quality catalogues, and of course on-line, reaching a wide, yet targeted audience. Open House Viewing Days The auction house will set up viewing days for your property. When potential buyers view your home you want them to fall in love with it. Therefore you need to make a bit of an effort to get the property up to its best standard! Competitive Bidding The process of competitive bidding will help your property to achieve ‘best price’ on the day. Sellers can maximise their price as competition mounts between bidders, and the buyer can be confident that the deal is done when the hammer falls. Best Price Often properties achieve a sale price at Auction in excess of the Guide Price. Regularly the result is better than that which might have been acceptable with a Private Treaty sale. Through competitive bidding your property could achieve a higher price than expected and remember that your reserve price protects you from selling it too cheaply. No Fall-throughs Your sale is certain. The buyer is legally committed to purchase the moment the hammer falls and cannot change his mind.  A 10% deposit is put down on the auction day, and completion is generally 28 days later (the vendor can amend this date if they so wish). Continuing Tenancy Income Investment properties are now being sold at Auction on a regular basis, without vacant possession being obtained in advance. By continuing the tenancy the vendor will continue to receive rent until completion date, and the purchaser will start receiving a rental income from that date onwards. No Renegotiation With Private Treaty sales a price agreed often isn’t the price you finally receive. With Auction there is no renegotiation, no discounting to take account of survey findings or any last minute gazundering. The buyer cannot reduce their offer after the sale has been agreed as is common place when selling via private treaty. Once the hammer falls the sale is legally binding at the final bid price. Time Scale If you want a quick sale or have a deadline to meet, then Auction could well be right for you. From the outset you will know the date of the Auction and legal completion will usually be confirmed for 28 days thereafter. This time-scale is fixed and legally binding for both vendor and buyer. UK Auction List will help you to sell your property through auction by advertising it on UK Auction List.com and on both the websites and within the printed catalogues produced by our nationwide auctioneer partners. Click here to complete the Property Auction Enquiry Form Or call 0845 053 6906