Here's why auctions are good for both sellers and buyers
Selling and buying property at auction has always been popular. However, today homeowners and would be homeowners are increasingly attracted to the speed, simplicity and security of transacting in this way.
“People who choose to sell at auction can set a reserve price, so they know the minimum amount they will receive before their property goes under the hammer. They will also be in a position to achieve a quick sale that is all but guaranteed not to fall through at any stage.
“Holding our auctions online makes them accessible to people nationwide. We are delighted to be able to help more of our customers achieve their aims by helping them sell their property at auction.”
Here are five great reasons to consider selling property at auction
1) Selling property at auction is quick
Once a property is sold at auction, a completion date will usually be set for 20 working days later. Sellers will have the funds in their bank account quicker than they typically would when using a traditional method of sale.
2) Selling at auction guarantees sales
As soon as the bidding ends, the sale is unconditional. All of the due diligence will have been completed by the buyer prior to this date. It means sellers can rest assured that the sale should not collapse.
3) Reaching the right audience
Comprehensive and extensive marketing of a property takes place in the days and weeks leading up to an auction, reaching as many potential buyers as possible. Our auctions all being online means that we now attract buyers nationwide who can easily view and bid on properties from wherever they may be at the time.
4) Transparency at every stage
Sellers are aware of every offer at every stage of the process, as each bid is made in public. Sellers will also set a minimum reserve price, so there is no risk of a home being sold below market value.
5) Sell property at auction and get the best price
Effective marketing is designed to generate maximum interest. By encouraging numerous interested parties to come forward, competitive bidding can develop and ensure the best possible price is achieved.
While the final selling price is determined by buyers, sellers retain control of the reserve price, which is agreed in advance. This means every seller achieves their minimum aim, but most enjoy a significantly higher price once their property reaches the auction room.
Auctions work particularly well for homeowners and investors who need a quick sale, executors who are required to settle an estate and those who want the security of an unconditional sale.
Here are five great reasons to consider buying property at auction
- 1) Market Transparency: Auctions offer a transparent buying process where purchasers can see other bids and adjust their strategy accordingly, ensuring a fair chance at securing a property.
- 2) Immediate Purchase: Winning an auction results in an immediate purchase, allowing buyers to avoid the often lengthy negotiation process associated with traditional sales.
- 3) Potential for Bargains: Auctions can provide an opportunity for buyers to secure properties at lower prices, especially if there is less competition. Purchasing unconditional, puts you ahead of the market.
- 4) Sense of Urgency: The set auction date creates a sense of urgency among buyers, which can be advantageous for those prepared to act quickly and decisively.
- 5) Unconditional Sales: Auction sales are typically unconditional, meaning the purchase is final once the hammer falls. This removes the uncertainty of conditional offers and provides clarity for both parties involved.