Three top reasons it makes sense to sell your home at auction
From bagging a quick sale to being sold as soon as the hammer drops, Auction House London explores the three top reasons it makes sense to sell your home at auction.
- The potential seller is covered
Unlike traditional Estate agents, there is no fixed asking price at auction. Bidding amongst enthusiastic purchasers may actually result in a selling price above expectations. Buyers fight it out at auction and often drive up the price of your property.
A prior agreed reserve price will protect the seller from losing out and selling too cheaply.
A national auction catalogue online will promote your property to a large interested audience who are actively seeking to invest. Existing property portals are also used, along with advertising in newspapers covering the region.
Traditional estate agents may only show prospective clients property that figures in the outline given. Auctions present potential clients with opportunities they may not have considered.
If you own an unusual or even dilapidated property it could be hard to advertise it to potential buyers, but at auctions there are expert buyers looking for a project, who will understand the market value of your property.
Any buyer is committed to going ahead with the purchase, once the auctioneer has brought the hammer down. An initial down payment of 10% has to be immediately handed over, followed by the remainder, normally within 28 days.
Any attempt to reduce an offer after the sale is not allowed as the bid is legally binding. The practice of gazundering is often found in other forms of selling but not at auction
Auctions are great if you need to sell up quickly or moving abroad and need finance quickly. Expect to pay your auctioneer about 2.5% of the sold price and find out if there are any advertising costs. It is always advisable to pay a solicitor to cover the legal side prior to the auction.
- The buyer is covered
No fixed asking price – if you are the highest bidder, you could win the property at a lower price than you may possibly be prepared to bid up to.
No gazumping – once the hammer falls, the vendor has sold it to you – they cannot continue marketing the property hoping to get a higher offer in the meantime.
You have the chance to look at all sorts of properties, across a wider area than a local estate agent will cover.
Doing your homework, will give you a better chance of picking up just the right property for your specific needs.
- Quick, easy and good track record with professional auctioneers
No stalled sales due to long chains and people pulling out after you have waited for ages.
Less stress over a shorter period of time.
Auction House London professionals will readily share their experience and advice to help you sell your house at auction quickly and efficiently.