Posted 20 Jun 2018
Selling your house at auction is quickly becoming a popular option for property developers and home owners for a large number of reasons. Here at Goldings Auctions, we offer specialised property auctions across Essex, Suffolk, Norfolk and the surrounding areas making it easier than ever before to sell a property at auction and with a success rate of over 90%, you can have peace of mind if you opt for this method. Here, we’re taking a look at the benefits of selling property at auction to help you when it comes to making the decision on whether an auction sale is the right choice for you.
Speed Of Sale
One of the key benefits of selling property at auction is the speed in which the entire process is carried out when compared to a typical house sale process on the open market. Completion of the auction can happen within 20 days, which is promising for people who require a quick sale to help with the release of equity. Additionally, the speed does not have a compromising effect on the overall value of the property. Once the hammer falls at the Auction a binding contract is formed with a fixed completion date set giving you peace of mind that the time frame is established and that the property sale will be complete quickly and efficiently.
Alongside the speed of sale, selling your property at auction can also help to maximise the value. At auction, your property can stimulate interest from a variety of buyers and ultimately result in a quick bidding war, which can help you to reach a much higher selling price than through a regular estate agent. Utilising high profile marketing for the property Auction will encourage competitive bidding from some of the top bidders in the same room fighting it out to purchase your property. If your property is in a prime location or an area of significant interest to property developers, then you’re likely to sell at a much higher price than you may have initially thought or it was first valued.
Another benefit to selling property at auction is the fact that you can attract the expertise of local, national and even international bidders. Property investment is an ever-growing market with serious developers and cash-rich buyers all looking to invest in their next big asset. This, coupled with an engaging and effective marketing campaign for your auction, is likely to attract a significant amount of attention that will further help to drive up the price of your property. When selling on the open market, however, you may find that interest is very limited due to where the estate agent is publishing the house sale or simply because the listing will get lost amongst others.
If you’re looking to sell a house at auction, then you can benefit from complete control and optimum levels of security. When arranging the sale at auction, you are able to set the reserve price at the absolute minimum you are willing to sell the property for. This means that as long as your property sells (which with Goldings Auctions is more than likely), you are going to make a profit. When you set the reserve price, you can rest safe in the knowledge that your property can not be sold for a penny less than your determined minimum.
Alongside control, you are also able to benefit from financial and sale security due to the buyer placing a 10% non-refundable deposit. What’s more, once the gavel falls, the sales price is non-negotiable. When selling on the open market, you may find that your property remains ‘under negotiation’ for a substantial period of time, which is becoming more and more common.
As you can see, there are a broad number of benefits of selling property at auction. For more information on the auctions that we arrange or to sell a property at one of our auctions, get in touch today.