20th January 2012
The simple answer: there’s no faster way of selling!
If you need to sell your house in a particular time frame, an auction could be the solution. Auctions have a specific and intense marketing period of around four weeks, culminating in ten minutes or less of bidding on a specific day. Once the gavel has gone down the property is sold, and importantly, contracts are exchanged. As no further negotiation is permitted completion is set for 21 days later.
Best Possible Price
If your house is unique or has special qualities such as features or location that buyers would be prepared to compete for, an auction may be an ideal way of taking advantage and achieving the best possible price for the property.
Properties that require renovation or have any potential to add value always sell well at auction. The auction catalogues are sent out regularly to developers, property dealers and investors who are in a position to buy and are specifically looking for a property they can add value to.
If a property has been difficult to sell for whatever reason, perhaps because of legal complications such as covenants then auction could offer a quick and simple sale.
Tenanted properties are now being sold at auction on a regular basis, without vacant possession being obtained in advance. By continuing the tenancy the vendor will receive the rent until the completion day.
Often properties achieve a sale above the guide price and regularly the result is better than that which might have been achieved by private treaty. With competitive bidding your property could achieve a higher price than expected and remember your reserve price protects you from selling the property too cheaply.
With private treaty sales the marketing time scale is indefinite, viewings can go on for months without a buyer being found and often the price you initially agree isn’t the price you finally receive. There’s also no guarantee that the purchaser won’t pull out of the sale at any stage.
By putting a property into an auction all the marketing and viewing activity will be condensed into four weeks. Once the hammer falls on the auction day, contracts are exchanged and the purchaser is legally committed to the purchase.
If you are interested in selling your property and would like to arrange a free auction appraisal please contact us at our Derby office on 01332 242880, in Nottingham on 0115 958 8702 or in Leicester on 0116 254 9654.