4 Top Tips before Selling by Auction

4 Top Tips before selling by auction

We can be fairly traditional beings with preconceived notions regarding many facets of life. Selling a property at auction is one of these. The belief that a property is sold at auction only if it is distressed is no longer the case. Clients are now driven by the need for convenience and time saving, which is supplied by means of property auctions.

So, you’re at the point when you decide you need to sell. You don’t want to be on the market for months going through non proceedable viewings and price negotiation processes for the sale to fall further down the process, right? This is where auctions come into their own.

So, what are the key points to consider
before selling at auction?

1. Price

The sale price is key and you will know the price you’re looking to achieve through the sale. But, do you know the true worth or your property or land? A free valuation can help you understand that the prices auctioneers set are done strategically and mindfully in order to achieve the highest sale price for you. Auctioneers are not estate agents and work very differently. The guide price is set as a ‘dangle the carrot’ scenario and engages potential bidders. Remember, you will be asked to set a reserve price which will give you peace of mind that no bid below that figure will be accepted.

2. Be upfront

When selling by auction an auction legal pack is made. This will form a large document full of all the legal documents for the lot sale that prospective buyers will look through, pre-purchase. Some sellers have been known to hold certain information back, such as upcoming lease fees or a land covenant for example. By withholding information, we are only losing time and therefore potential buyers. This type of information will be revealed when the legal pack is compiled.

3) Know your timescale

Many turn to auction for the guaranteed sale speed. The elimination of fall throughs and fast process, appeals to many, but there is still an element of flexibility. There is a possibility your sale could be agreed prior to auction day – this means immediate exchange of contracts. Completion also has an element of flexibility in that we can set a 28 or 42 day completion depending all on parties’ timescales.

4) Enter a no sale no fee agreement

Be sure you are entering a no sale no fee agreement. In the unlikelihood event that your property or land does not sell come auction day, the last thing you need is to be at a financial loss and still be in the same position you were as when you began. With Connect UK Auctions there is no fee to pay if a sale is not concluded and your property or land can be entered into the next auction with no excess charge also.

What our clients say about us

...I would thoroughly recommend Connect UK Auctions as the best most effective alternative to the conventional estate agents.
by Valery Stimpson
...My property achieved a very good price and completed in a matter of week. I would, most certainly recommend their services to anyone potentially looking to sell their property.
by Mr Richardson
...If I had known how much better it would be, I would have chosen Connect UK Auctions above an estate agent months ago.
by Jenny Turner
My wife and I were delighted with the service provided by Connect UK Auctions. Our house sold prior to the auction for an excellent price. Rob Jenkins was very professional and communicated well with all parties involved. A very smooth transaction.
by Rob Sellick
I have bought land and a residential property through Connect UK Auctions and even used their building team for renovation works. I must say I was always impressed with the help and support I received throughout my journey. Would definitely use them again and will be attending more of their auctions.
by Ross Slaughter
Easy to deal with and 100% professional easy and stress free.
by Sammy Vine
Exceptional service beginning to end. Would buy through you again! Thank you.
by Lisa Edwards
Excellent service outstanding staff.
by Kelly Simpson
Recently put in my property with Connect UK Auctions and they managed to sell it before the auction day!! Well above reserve. What a great guy. Happy client. Would use again. Thanks guys!
by Alex Brinklow
We have no hesitation in recommending Connect UK Auctions - their level of service and attentive service is second-to-none.
by Christian Budd

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