Selling Your House By Modern Method Of Auction

Selling Your House By Modern Method Of Auction
January 15, 2019 Amie Farrington

Should I or should I not sell my house by Auction?

Auctions have been around for hundreds of years and are no longer limited to professional buyers. Now auctions are suitable for everyone. Online sites such as eBay made online auctions easy for anyone to bid anywhere around the world and we are seeing online house auctions becoming increasingly popular.

How does the modern method of auction work?

  1. Unlike traditional method of auction which is face paced online auctions are advertised online giving potential buyers anywhere between 2 – 3 weeks to think about a price they want to pay and whether the property will be right for them.
  2. If a bid is accepted buyers will be required to pay a reservation fee and will be given 28 days for exchange of contracts from the day solicitors receive draft contracts.
  3. Completion will usually take place within 56 days.

Reasons an auction may be for you:

  1. It can be quicker way to sell your house.
  2. The rate a purchase falls through is lower then an open market.
  3. You can set your reserve price to ensure your property doesn’t sell for less then you need.
  4. Your property will attract a great amount of interest.

Reasons this option may not be for you:

PRICE – If your main priority is price auction may not be for you,  Although bidding can increase a sale price it isn’t guaranteed and with buyers factoring in auction fees, they may be bidding lower then the price you are hoping for.

If you are looking for an alternative way to sell your home, Take a look at our website and feel free to give us a call to discuss your options with one of the family members