Selling at a property auction, traditionally, tends not to be the first port of call for vendors looking to sell their homes. Historically, the auction process has been associated with old or unusual properties, probates and development sites. Whilst these properties often achieve high levels of success at auction, there’s nothing to suggest a new build, completed development or traditional family home can’t enjoy the same levels of popularity. In fact, whatever property you’re looking to sell, from building plot to two-up-two-down, there are plenty of benefits to selling at auction.
If you’re tired of the long road to completion that can occasionally come with traditional sales routes, selling at auction is a great alternative. Whether your property is residential, commercial or mixed use, you could start and finish the selling process in as little as eight weeks. You may also have a tight timeframe with which to turn the sale around. In these cases, the auction process is ideal for many vendors, ensuring a legally binding timescale that guarantees completion by a certain date.
Boosted success rates
Whilst some homes sell at the drop of a hat via traditional routes, it can take other properties a little longer to garner interest from buyers. Auctions give you a much higher chance of a sale with the increased urgency and engaged audience that comes with an auction event. What’s more, the legally binding fall of the hammer means that once a sale’s been agreed, it won’t fall through.
An auction room provides a very different atmosphere from an estate agent’s office and the competitive nature of the bidding process means that your property will always sell for market value and achieve the best price on the day. Standard auction rules also mean that you can accept pre-auction bids that may be higher than you expected from particularly keen buyers before the property even goes to auction.
For landlords, continued income is a particular draw to selling at auction. Many buy-to-let investors are looking to buy an occupied property at auction, so there is no need to sell with vacant possession. Landlords can continue to collect rent all the way up until the final completion date when the purchaser legally owns the property and can start collecting income themselves.
Our team are always happy to answer any questions on the auction process and are on hand to help you decide how best to sell your property. To find out more about all the benefits of selling your property at auction, please don’t hesitate to get in touch with our team of local property experts.