A general fear is held by many sellers when the phrase ‘Property Auctions’ is mentioned even though this method of selling is becoming increasingly popular for all different types of sales. So, let’s eliminate some preconceived myths.
Welcome to Connect UK’s Auction Academy – Here to answer all your property auction questions.
1) Did you know, you don’t NEED to be a cash buyer.
Many believe that clients with only ‘deep pockets,’ can buy at auction, which couldn’t be further from the truth. Auction Finance Experts, are on-hand before, during, and after the auction to help you turn the funds around, in any given timeframe.
2) Completion dates CAN be adjusted to meet your timeframe.
On the fall of the Gavel, standard completion is generally 28 days unless specified. However, completion can be set at 42 days (6 weeks) from exchange or in fact, anywhere in between. As long as all parties are notified, your timeframe is paramount.
3) Private treaty sales are increasingly popular in the auction room.
Auctions have been around for an extremely long time. It is generally perceived that lots come from banks, building societies and local councils only, however this is just not the case. Clients in the private sector have learnt the huge benefits of selling via auction and are realising this method proves to be in their best interest. Auction offers speed and security.
4) You CAN buy with a high street mortgage – not only bridging loans.
Auction offers immense opportunity and allows one to buy, through some lenders, with only a 15% deposit.
5) An auction Legal Pack is NOT an auction only specific term.
A legal pack contains all the information you and your solicitor require.
6) Viewings ARE welcome prior to the auction.
Believe it or not, many people believe that auction properties are bought without being viewed. Viewings are most welcome and in fact are highly recommended before attending the auction room to bid.
7) Price
Contrary to popular belief, properties that sell at auction, can sometimes achieve a higher price, than previously agreed when sold subject to contract, through the local estate agents.
Competition in the auction room is good; gathering all potential purchasers together, in one place at the same time, creating a sense of urgency and wanting. Rest assured the price achieved is the best you could possibly obtain. It is impossible to undersell in the room!
Check out our other videos on top tips when selling via auction and auction costs.
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