Five reasons why selling property at auction might make sense in 2016

Selling property at auction is definitely worth considering as an alternative to using a local agent. There is complete transparency right through the process, with a fixed reserve price to protect the vendors’ interests. If a reputable company is used, all aspects will have been covered. So let us look at five good reasons to sell property at auction in 2016.

Save time

Selling your property in the traditional manner through a local estate agent can sometimes take an interminable amount of time. Selling and buying at auction is typically a quicker process. Everything is condensed down into an enthralling, if sometimes heart stopping, few minutes. Once the hammer falls that’s it, you have either sold or brought a property.  Auctions are ideal if you have limited time, for instance you may be moving abroad, or have to sell quickly for financial reasons. There may be another property that you are keen to get acting on but have to wait for funds. At auction everything is over and done with and fully paid up in approximately 28 days.

Good deals for sellers and buyers

Your property may generate a lot of interest and eventual energetic bidding from potential purchasers. You are in the driving seat as opposed to waiting for someone to show interest in buying.

If your property fails to reach its reserve price, it’s not the end of your chances of selling. People may inform the auctioneer afterwards of their continued interest and a deal may be negotiable.

Finding or selling something different  

You may have a property in need of repair and think that it will not be easy to sell through an estate agent. However, at auction a property requiring renovation might be just what somebody is looking for. You could be trying to sell a piece of land, be it for building, or agricultural use. The property may be a repossession or investment opportunity. All of these types of assets are ideal for selling at auction.

Less problems, clear fees

You can avoid selling chains that may break when one person pulls out, or people reneging after long negotiations. The auction house will normally have a ‘legal pack’ available for the property, making life a lot simpler for the purchaser.

The auction fees are clearly set out. These will include an administration fee to the auctioneer, a buyer’s premium’ to the auctioneer, usually about 1.5 % of the sale price.

Backup

You have the security of knowing that a reputable and experienced auction company such as Auction House London has your best interests at heart. They will be keen to generate good customer relations and repeat custom.