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What are the Advantages of Selling a Property at Auction?

Selling a property at auction can be a great option for homeowners who want to sell their property quickly, with transparency and certainty. Auctions have long been considered an effective way to sell properties that are unique, high-end, or in-demand. They have become increasingly popular in recent years, as more people have discovered the benefits of selling at auction. If you are willing to let your property go at below market value with the chance of selling your home, an auction is a good place to start.

 

One of the main advantages of selling a property at auction is speed. An auction typically takes place within a few weeks of the property being listed, and the sale is usually completed within 28 days. This means that you can sell your property quickly, which can be important if you need to move quickly or want to avoid the hassle of a long sales process.

Another advantage of selling a property at auction is certainty. Unlike other forms of selling, an auction provides a clear and transparent process, with a fixed date for the sale and a set reserve price. This means that you can be confident that your property may sell, and you will know the exact date of completion. Additionally, as the sale is legally binding, the buyer cannot back out once the hammer falls.

 

Selling at auction can create competition among buyers, which can help to increase the sale price. Buyers may feel more motivated to bid against each other in a public forum, which can result in a higher final sale price. This is particularly true if the property is unique or in high demand.

 

The auction process is transparent, with all bids and offers made in public. This means that buyers and sellers are aware of the bidding process and can see how much other people are willing to pay for the property. This can help to build trust between the buyer and seller, as both parties can see that the sale is being conducted fairly.

 

Selling a property at auction provides a fixed timescale, which can be particularly useful if you need to sell quickly. This means that you can plan your move or any other commitments around the sale, with the knowledge that the process will be completed within a set timeframe.

 

Auction sales do not require a chain of buyers, as is often the case with traditional sales. This means that there is no risk of the sale falling through due to issues with a buyer’s mortgage or other problems in the chain. This can provide peace of mind for the seller, who can be confident that the sale will go ahead as planned.

What are the disadvantages of property auctions?

House auction can also be one of the most expensive ways to sell a home in general. There are no hidden costs, but an auctioneers commission currently stands at around 2% – 2.5%+VAT of the home’s value, and if your home does not sell at the auction you will still have to cover the auctioneers costs.

Another disadvantage voiced by many house sellers who have sold properties via auction is that auctioning home results in a greater invasion of privacy than other methods. With a traditional house sale, you can arrange and moderate home viewings in general.

With auctions, viewings open to the public are common, and you are obliged to allow any potential bidders to view your home, as well as any private surveyors working for the bidders. Get in touch for more information about auctions.

Property auctions have an element of instability in that any property may entice a bidding war thus resulting in it auctioning off at well over market value. Inversely a home may garner little interest, resulting in it selling for well under market value, sometimes as much as 40% below.

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