Selling a property at auction can be both exciting and daunting. It’s natural for vendors to have a number of questions going into a property auction. Whether it’s your first time selling at auction or you’re a seasoned pro, we’ve got a few words of wisdom so that you can enter the auction room armed with knowledge.
Do your homework
It’s no secret that there’s a fair amount of homework tied up in property auctions. Whilst the brunt of the homework lies with auction buyers, there are still one or two things for sellers to sort before the big day. Once you’ve decided to sell, you’ll need to do the following things:
- Find out how much your property is worth
- Register your property at least six weeks ahead of the auction
- Appoint a solicitor
- Agree the marketing strategy
- Discuss the reserve price with the auctioneer
Confidence is key
The auction world is a busy and competitive place and seasoned auction-goers will be able to spot weaknesses a mile off. On the day, or prior to the auction, it’s not uncommon for buyers to approach sellers offering deals to take your property off the market. Stick to your guns, and don’t be tempted unless it’s a fantastic bid. If they’re really keen for the property they’ll bid on it in the auction room where you’re likely to achieve a better price anyway.
The bidding world is getting more competitive
Which is great news for sellers. As demand for auction properties increases, so too will the amount of competitive bidding. This means that sellers can expect to achieve higher prices for their properties at auction as more canny developers enter the auctions market.
Selling at auction is the quickest option
If you’re in a rush to get a property off your hands, auction is undoubtedly the way to go. Sales are closed incredibly quickly, and funds will usually be transferred to you within 28 days of the auction. This means you can be confident of achieving a secure sale with minimal risk of the buyer pulling out at the last minute.
As local property experts with a wealth of auction experience, we know what it takes to sell your property successfully. Our professional team are always on hand to answer any questions you may have about selling your property at auction or finding your next investment opportunity. Don’t hesitate to contact us to discuss your requirements.