Read our latest article on how Nicholas Humphreys (Sheffield – Broomhill & Crookes) can explain the benefits of selling your home at auction and unlock its true market value potential with NO SELLING FEES.
Selling a home can be a complicated process. So far, we have published some useful articles on How to find an Estate Agent, Tips to Help Sell Your Home Quickly and How to Find a Mortgage.
There are many options available to sellers and buyers alike and so, we have decided to share some useful information about selling your home at Auction and how this can deliver the results you are looking for.
There are myths about house auctions all over the world. Many people believe properties sold at auction are:
- Repossessed
- Have some kind of structural defect attracting distressed sellers to sell quickly
- Available only to cash buyers
- Properties that have never been seen / cannot be viewed before the auction
Whilst it is possible that a property might be available at auction because of a bank foreclosure, the reality is that more people today are considering selling their home at auction. Here are some reasons why:
Case Study – Auctions Can Work because…
Unlike in a conventional “For Sale” where the asking price may be £249,950 to achieve £240,000
At auction, a Guide Price of say £220,000 is set to achieve a sale in excess of £240,000
Speed of Sale – Unlike a traditional sale, the benefit of buying and selling at a property auction is the speed of the sale. Typically, the sale is completed in a few weeks. Why? Once the highest bidder wins the sale at the fall of the hammer, the buyer is legally obligated to purchase the property, a deposit is paid and the balance is paid within a set period of time soon afterwards. These types of sales appeal to buyers and sellers alike because there is certainty that the sale will proceed to a successful completion and there are no “chains” involved in the sales process.
Variety – Auctions involve the sale of many houses attracting plenty of buyers. These could be a mixture of first time, buy-to-let, upgrading or down-sizing buyers and in some cases, developers. Since auctions are attended by a diverse group of buyers, your property could be exposed to a wider market. The more people bidding for a property drives the sale price up resulting in a successful sale.
