Not only does auction offer speed and security but this method of sale holds numerous benefits over that of traditional estate agency sales. Clients turn to auction for a number of reasons whether job relocation, emigration, matrimonial issues, death, outgrowing the house, or simple frustration with the open market, and often the sale achieves a higher price via this method through the competitive bidding of the room.
Why do people sell via auction?
Three reasons: Maximum price, speed and security.
Price – You are in full control at all times. From the reserve price to the guide price, we are here only to advise. Setting an attractive guide price instils the engagement of potential buyers. The competitive atmosphere and the variety of bidders from different sources will push up the price organically. If a property is suitable for auction- expect the sale price to reflect that.
Speed – Property Auctions are best known for selling with speed. On the fall of the gavel contracts are exchanged and completion usually 28 days after, unless special conditions apply. By following our advice and pricing the property at a keen and attractive level you can be sure of a quick sale and sometimes even a pre-auction sale. This timescale is legal and binding. Clients are attracted to the promptness of a swift completion of a sale.
Security – Imagine a sale with no possible fall throughs, gazumping or gazundering. Once the gavel falls the buyer and seller are legally bound to the sale and contracts are exchanged. Neither party can pull out. Not only this, this method of sale eliminates any long negotiation processes and seller chains.
But what properties are sold at auction, is yours suitable for this method of sale?
Many who sell at auction often achieve a higher sale price than that of a private treaty and the reason is the property is more suited to auction. If you can answer YES to any of the following then your property or land is suitable for this method of sale:
- Does the property need refurbishment? Can it be redeveloped or extended? Does it have enough land that could potentially be used to develop on?
- Is the property tenanted? You can sell via auction with tenants in situ and in fact, many investors look for tenanted buy to lets as this provides instant income for them.
- Does the property have any issues? Whether structural, fire damaged, legal issues, a short lease, un-mortgageable or just that there are neighbourhood issues we can help.
- Are you looking for a quick sale? If you’re looking to release equity fast or avoiding for closure, emigrating or re-locating, auction proves perfect for speed and certainty.
- Have you inherited a property? Connect UK Auctions offer a bespoke property probate service.
- Do you have a vacant or occupied commercial lot you’re looking to sell?
- We also take on a variety of land including mixed use, land with planning for development and agricultural land also. Book your free auction valuation now.
But the benefits don’t stop there…
No Fall Throughs
Once the gavel falls, your buyer is legally committed to purchasing and cannot change their mind without the penalty of losing their deposit as well as ongoing legal expenses.
Competition is good; gathering all potential purchasers together in the same place at the same time creates a sense of urgency and wanting, so you can be rest assured the price achieved is the best you could possibly obtain.
Once a pre-auction offer is accepted or by the fall of the gavel, the paperwork is then signed and exchange of contracts will take place at the agreed price, so there is no renegotiating or gazundering. (A legal pack is required for all potential purchasers to review prior to committing to purchasing a property).
Connect UK auctions offer a Property and Land Auction every month of the year. With Connect Realtime offered alongside their traditional ballroom auctions, marketing is maximised for your residential, commercial or land plot. Learn more about selling at auction.