The three main benefits to selling a property at auction are:
You can sell a property quickly – The auction process is often quicker than the normal house sales process. Most of the work is carried out before the auction and once the hammer falls, exchange of contracts happens straight away and completion happens within 28 days. It is possible that you may receive an offer for your property before the date of the auction. This is perfectly legal, and it is up to you to consider whether you think you are likely to get a better price on the day of the sale.
You can achieve a higher selling price – The auction process can often help you to achieve the highest possible sale price for your property. This is especially true if two or more buyers enter a ‘bidding war’ which drives up the price of your property. Putting your home up for auction means that you have control of the minimum sale price. Before the auction you and the auctioneer agree a ‘reserve price’ for your property. This means you have a financial safety net and if the bids at auction do not reach this reserve, your home will not be sold.
It’s the perfect market for particular types of property – An auction can be a much more suitable marketplace for particular types of property. If you own an unconventional property that an Estate Agent finds difficult to value, or your property needs extensive renovation, you might have a better chance of selling it at auction. Many buyers looking for these kinds of properties will search for them at auction rather than through Estate Agents. In addition, if your property has proven difficult to sell, perhaps because of legal complications, an auction offers the chance of a definite sale with no chance of it falling through.
To find out more about selling at auction, have a read of our step-by-step guide to selling your property at auction.
Contact us now for a free valuation
If you decide that you want to proceed with the auction process you will need to register your property with our auction partners in good time, at least four weeks ahead of the scheduled auction date. Click here for a FREE PROPERTY VALUATION or call us on 0845 053 6906.