Property auctions can seem like a leap into the dark. A room full of people, the hammer falls and... that’s it? The property's sold? What if it didn’t meet your reserve price? What if you need more time to move? Well, don't worry - we meet people every day who voice these concerns.
The reality is that a modern property auction gives sellers a greater level of control over their sale, for several reasons. Here’s a quick run-through:
The open market can be a whirlwind.
The process of buying and selling property is often stressful and you can quickly feel out of control if your agent starts to reduce your selling price. This can’t happen at auction where you set a reserve price to ensure that you get the right amount for your property. While your guide price may change, your reserve price shouldn’t. (If this seems confusing, check out our guide on guide prices here).
In contrast, auctions offer a more controlled system.
This is achieved through:
1. Upfront legal packs which make any legal or contractual issues clear prior to marketing;
2. A 10% non-refundable deposit which is received upon exchange, putting vendors in a very strong position for their next purchase;
3. Vendors and buyers setting their own completion date on exchange (not always 28 days), rather than allowing solicitors to dictate the speed of the transaction.
So if you’re looking for a secure way to sell your property and want control over both the sale price and the completion date, then auction can be a great option.
You can read more about modern property auctions, and why we believe that they can be the best way to sell any property, through our other blogs:
And don’t forget - we’re always happy to talk to you about your sale, property auctions and/or our estate agency offering at any time. Just get in touch when suits!
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