Why choose to sell at auction, than via traditional estate agents
Auctions are a great way to sell a property. They are a good option for those who want to sell their property quickly, with certainty and transparency.
Sell property quickly and with certainty
One of the biggest advantages of selling a property at auction is that it allows you to sell your property at speed and with certainty.
The selling process at auction can take around 4–6 weeks from start to finish and is therefore quicker than selling via the traditional way.
Once the gavel falls, the buyer is legally bound to complete the purchase within a set amount of time (usually up to 28 days).
One thing to note is that; if selling at auction, if a buyer successfully bids, then the contracts will be exchanged immediately.
Consequently, if you are living in the property, you will need to vacate the property by the date committed — which due to the fast nature of property auctions, can feel like not much time at all.
Though, remember that the buyer is also committed, this can be advantageous if you want to sell quickly and with ease, as the buyer has to pay a deposit immediately. If the buyer changes their mind, there are legal measures in place to protect you.
Competitive bidding
By selling at auction, you could find yourself selling at a higher price than originally expected.
When a property is auctioned, it is common to find a lot of bidders interested in a property which can lead to a competitive atmosphere and a subsequent increase in property value.
Note that auctions do not always lead to increased competition, however, when they do, the outcome can be prosperous for the seller.
Moreover, if your reserve price is not met, the auctioneer will withdraw your property from the current auction, allowing you to relist at a later date.
Transparency
Selling your property at auction ensures a more transparent process than traditional methods.
A seller can see all of the offers that are made. This consequently provides the seller with the assurance that the best possible price has been achieved in an open competition.
A lack of transparency is bad for the seller in the long run. Seeing the price that others are willing to pay may help to actually encourage buyers to offer more — especially in the heat of the moment, ultimately, leading to a better price for the seller.
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* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.