Selling your property at auction

Selling your property at auction: Should or should not?

April 8, 2017 11:00 am Published by

Selling your home can be a daunting experience. There are so many options available to help you sell your home, from choosing an estate agent to handle the process for you to choosing the auction route. If you’re considering the auction route, there are many factors you need to consider.

Reasons to consider selling your property at auction

The first step in choosing the best method to sell your home is to understand the benefits of auction sales and how they can help you. Auctions tend to be fast – the sale goes through quickly, usually within a few short weeks. This can be ideal if you already have your eye on another property or are about to start building your dream home and need cash quickly.

Another advantage is that you set your reserve price in advance; the reserve price is the lowest price you will accept. Once the bidding reaches the reserve, your sale is guaranteed. If you have a number of interested buyers, the bidding war can drive up the price. This means that you may get more than you anticipated.

What you need to know before looking to sell your property at auction

While selling your property at auction may seem a quick and easy process, there are certain disadvantages you need to know about before making a final decision. The first is that there is a chance your property may only meet the reserve, which means once that hammer goes down, you have to accept the lowest price you set. There is no room for negotiation.

There is also the possibility that you don’t find a buyer on auction day, which means the property doesn’t sell. Remember, many buyers attending auctions are looking for a bargain; this means that the selling process can be very unstable and in some instances, it can work out more expensive for you than if you had chosen an experienced online estate agent to help you sell your home.

In many instances, you will be required to pay towards advertising and marketing. Many homeowners that choose to sell by auction feel their privacy has been invaded as potential buyers come in swarms to view, bringing their contractors and surveyors before the auction. With an estate agent, viewing is by appointment, meeting your specific requirements.

You can choose to make use of an online estate agent, to help you sell your property. 121Move offer their comprehensive estate agent services at a low fixed price and charge no commission, ensuring you get the most money for your property.

What properties benefit from selling your property at auction

Certain properties do very well at auction. These include repossessed properties and those that are hard to sell through conventional methods. If you have had the property on the market for some time without a bite, an auction may be the best choice moving forward.

Individual or unusual homes often do very well at auction, along with high demand properties. Consider all the facts, and discuss the options with your estate agent and auctioneer to determine which method will help you achieve the best possible price for your home.

Alternative solutions from selling your property at auction

It’s true that auctions aren’t for everyone. Using an online estate agent instead can be quick, easy and completely hassle-free. They help you sell your property without an expensive commission payment that you would make to an auctioneer or high street estate agent. In addition to this, online estate agents (such as us at 121Move ;), will help you to market your property and to submit it to the major property portals that ensure you have the best exposure to your buyers.

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