Benefits of selling property at auction

Sell my property at auction

If you are thinking about selling your property through auction, simply click here for your free no obligation property valuation or call 0845 053 6906 to discuss your requirements.  Read below for reasons why selling at auction may be right for you.

Sell property quick

There is no faster way of selling. If you want a quick sale or have a deadline to meet, then a property auction could well be right for you. Once the gavel has gone down the property is sold, and importantly, contracts are exchanged on the day of the sale. As no further negotiation is permitted, the entire sale process, from instruction to exchange of contracts, is achieved within as little as 28 days.

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 an estate agent. With competitive bidding your property could achieve a higher price than expected and remember that your reserve price protects you from selling it too cheaply. (Remember that the initial guide price will always be lower than the current market value to tempt potential buyers, resulting in more people bidding, and potentially driving up the price. Auction may not be the right method of sale if you are not comfortable with dropping your asking price).

Sale guarantee

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). Please note that if a buyer fails to complete then they forfeit the 10% deposit.

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.

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.

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.

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.

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 highest standard.

Contact us now for a free, no obligation property valuation

If you decide that you want to proceed with the auction process you will need to register your property with us in good time – at least six weeks ahead of the scheduled auction date. Click here to complete the free no obligation property valuation or call 0845 053 6906.