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Why sell your property by auction?

If you’re looking to sell your home or property and need a quick, efficient solution, then selling by auction may be the perfect method for you. Auctions offer a fast and certain way of selling, operating in a defined timeframe in which to sell and complete, eliminating lengthy onward chains and the risk of sales falling through. 

As such, there are plenty of benefits for both buyers and sellers when it comes to the auction method. If you’d like to learn more about why this option is increasingly popular with property owners looking to sell, keep reading as we discuss the advantages to help you make an informed decision.

Why do properties go to auction? 

There are plenty of reasons why a property may be sold by auction, it is a common belief that properties that are sold using this method are unmortgageable, or in need of significant repairs or refurbishment. Whilst this may be true for some properties, it is not always the case and many property styles that you’d see on the open market are also sold through auction. Property auctions offer several benefits that attract sellers who want to sell a home, secondary residence, tenanted property, land, or commercial space. 

Property auctions can offer a guaranteed sale

So long as your property is sold on the day, at the fall of the gavel this sale becomes legally binding and therefore significantly reduces the chance of it falling through. There are rare instances where a buyer may not complete the sale, but this comes at the cost of penalties and fines which act as a deterrent. 

In the case that your property does not sell on the day, but there is expressed interest in your lot, you may still be able to reach an agreement with a buyer under auction conditions. Alternatively, it can be listed on our unsold lots page and continue to be open to offers after the auction has ended to reach an agreement.

Property auctions are transparent

Sellers are kept up to date with every bid or offer and each stage of the selling process is completely transparent, so you’ll never be kept in the dark about what is happening with your sale. Additionally, sellers have the option to set a minimum reserve price to ensure you’ll never have to settle for a price that you’re not happy with. This guaranteed minimum price is an attractive option, especially as auction sales are fast and efficient, and do not rely on negotiations between buyers, sellers, and estate agents.

Property auctions can get you the best possible price

Naturally, the auction method is very competitive. If the lot you are selling has desirable or unique qualities, this will drive interest and increase bidding intensity. This can help you to get a higher sale price that won’t be compromised by estate agent fees or commission. 

Alternatively, if your property is difficult to sell due to legal implications, refurbishment needs, or elements that may make it unmortgageable, you can still achieve a great price at auction. Properties that require renovation often perform better at auctions than on the open market because they attract seasoned property investors and cash buyers.

Should I sell my house by auction?

Whether or not you decide to sell your property by auction is circumstantial, and will depend on your reasons for selling. However, the prospect of a fast and certain method of sale is an attractive solution to many homeowners. 

Houses of all kinds can perform exceptionally well at auction, particularly if there is room for improvement where investors are concerned. This means you could achieve a high sale price, and surpass your minimum reserve. Whilst we recommend selling by auction to almost anyone, we find that those who are looking for a fast and transparent method will see the most benefit. 

One of the most attractive benefits that an auction sale offers is certainty, as in most cases, once the gavel has fallen your buyer is legally bound to the sale. Considering that in the open market, you’re exposed to lengthy and drawn-out processes as well as the risk of the buyer pulling out of the sale, auctions provide a much more efficient and desirable way to sell.

Sell your home or land with SDL Property Auctions

If you’re unsure if your property will sell and you’d like to receive some advice from our knowledgeable team, or you’d like a free valuation, you can contact us with your enquiry. Our team will be happy to discuss this auction process with you to help you decide if it is right for you and your expectations. 

Alternatively, you can read through our list of seller FAQs to settle any concerns that you may have and give further insight into the process.

Deciding to sell by auction… that was easy.