Auction House is the country’s largest residential Auctioneer in terms of lots sold so if you are thinking of selling property at Auction talking to us is a good place to start.
Although sale by Auction might not suit every property there are many cases in which offering a property for sale by Auction is the best method of sale, and there are many ways in which an auction can benefit you and the sale of your property.
Speed of Sale
One of the main advantages of selling through auction is the speed of the process. If you are in a rush to sell then Auction could be the right route for you. You will immediately know the date of the auction and legal completion will usually take place 28 days after this date. Most importantly, this time-scale is fixed and binding for both the buyer and seller.
Chance of Success
Auction gives you a greater likelihood of selling your property than by private treaty. Auction House boasts a success rate of over 80% sold properties which means a great chance of success for your property. For a certain sale you really should consider the auction route.
Legal and Binding
When your bid at Auction is accepted as the highest bid, contracts have been exchanged. The buyer is legally committed to the purchasing of the property and, therefore, cannot change their mind. Through auction there is much more certainty in the sale from the outset than in sales on the open market where there is a chance that the sale may fall through.
With Private Treaty sales the price agreed often isn’t the price you finally receive. With Auction there is no renegotiation, no discounting to take account of survey findings or any last minute gazundering. With Auction your buyer will have fully researched the property’s condition prior to bidding and cannot reduce the sale price after the hammer has fallen.
An auction atmosphere creates more competitive bidding. Through auction you would hope to have two or more prospective buyers bidding for the property. Furthermore, people find it very difficult to stop bidding when they are at auction and so the competitive atmosphere may spur them on to make just one more bid. However, if we have a strong bid for the property prior to Auction which we don’t think will be beaten on the Auction day we can recommend that you accept it under Auction rules.
Your property, once entered into Auction, will be marketed heavily via local newspapers, on the internet and through our database of potential buyers. Furthermore, it will become part of our Auction catalogue which is available electronically and as a hard copy. Any viewing dates are also advertised online. We set up open viewing days for your property. Each viewing is hosted by a member of our Auctions team, who can talk knowledgeably about the potential that your property offers and answer all manner of questions from prospective buyers.
Speak to us on 0161 925 3254 about arranging an inspection of your property to see if selling by Auction could be the right route for you.