Embracing the Benefits of Auction Sales
When it comes to selling your property, auctions offer a swift and assured method, particularly beneficial during personal or financial upheavals. The 28-day auction process ensures a speedy transaction, granting you quick access to funds. The auction environment is secure, with a binding contract that mandates a 10% deposit from the buyer. The competitive nature of auctions can potentially elevate your property’s price due to multiple interested parties and transparent pricing. Properties that are unique or in need of renovation, which may face challenges selling through traditional estate agents, can find success at auctions.
Making the Right Choice: Selecting an Auction House
The decision of choosing an auction house is pivotal. While well-established auction houses boast a diverse portfolio and marketing prowess, their services might come with a hefty price tag. On the other hand, smaller auction houses could offer a more personalized service. It’s crucial to scrutinize their promotional materials, past auctions, and their strategy for showcasing your property.
The Importance of Pre-Auction Offers and Setting a Reserve Price
Being receptive to pre-auction offers can assist in determining a reserve price – the minimum amount you’re willing to accept for your property. If the bidding fails to reach your reserve, you have the option to withdraw your property. However, if an offer meets or surpasses the reserve, the property will be sold.
Auction Preparation: Setting a Guide Price and More
The guide price, a figure agreed upon by you and the auctioneer, is publicized to attract potential buyers. It’s important to note that this is not a precise indicator of the final selling price. As part of your auction preparation, ensure your property is presented in the best possible light and arrange viewings. Promote the auction among your network and on social media to create a competitive bidding atmosphere.
Understanding the 28-Day Auction Process
From the moment the hammer falls, the entire process takes 28 days. It’s crucial to have all necessary documents prepared and to seek advice from a specialist auction conveyancing solicitor prior to the auction date.
How do I set a reserve price?
The reserve is the lowest price you will be happy to accept and it shall be kept between you and the auctioneer. If bidding doesn’t hit your reserve then your property would be withdrawn. If an offer hits or exceeds the reserve then the auctioneer will sell the property with the fall of the hammer and there is no option to back out.
It’s important to think this set through. You don’t want to set it too high and not have it sell but you don’t want it too low and lose out on money. There is always the option of negotiating with buyers after the auction.
It is import above all, to remember that the Reserve price is the price at which you – the seller would not wish to sell below.
Setting a guide price
You and the auctioneer will set a price that is made public to encourage and entice buyers to undertake early viewings. This is “The guide price. It is “An invitation to view” and not an necessarily accurate representation of the final value.
How long does the sale take?
One of the main selling points of auctions is its quick sale time. From the drop of the hammer, the entire process takes 28 days, but this means you need to have the necessary documents and information ready to go straight away. Speak to a specialist auction conveyancing solicitor and draw up a contract before the auction date.
Conclusion
Choosing to sell with an auction house like World of Auctions offers a quick, secure, and chain-free method of selling your property.
Estate Agents vs Auction Houses? How about Auctioneers with Estate Agency. That’s more like it.
world of Auctions Thoughts
Now there’s only one thing left to say and that is sell with World of Auctions. Is it quick – you bet. Transactions secure – oh yes and chain free – even better. So if you are still reading this then you may as well go with us, so give us a call…but we would say that wouldn’t we?
