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Why Auction? Auctions provide a fast and efficient method of buying and selling property. There are no dreaded chains and the property is either exchanged on the day of the auction providing great peace of mind to both the buyer and seller alike.
Ten years ago, property auctions were synonymous with cheap, repossessed houses and the perception of many private sellers was that their house was too good to sell by auction. This way of thinking is changing as we join our European colleagues and are embracing the concept of auction more readily.
Auctions have been available in the Midlands for a number of years.
There are two options available to those selling by auction: conditional and unconditional. The unconditional auction is more traditional where, on the fall of the hammer, the buyer will exchange contracts and pay a ten per cent deposit on the night. Both buyer and seller are legally bound.
Why would you choose to sell by auction?There are three main answers to this question:- Maximum price
- Speed
- Security
PriceWhy limit yourself to a specific asking price and why sell after just one or two viewings?
The true value of your property is what someone is willing to pay for it. To achieve this, the property is marketed with a guide price and is advertised extensively for a designated period of time with the aim of generating as many viewings as possible. Viewings occur in the normal manner as with any other house sale. One main point to remember is that the property belongs to you, the vendor, and cannot be sold for anything less than you want. You will set a reserve price which is the minimum price you wish to accept. If this figure or greater is achieved prior to auction, you may accept the offer prior to the actual night of the auction. Speed Both parties exchange contracts on the auction day. SecurityA financial deposit is paid by the purchaser of ten per cent of the selling price.
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