The Benefits of Selling at Auction
The auction method is a fair and open process for the vendor and the buyer. Particularly when dealing with those properties in high demand, the buyer knows they won't suffer from gazumping whilst still gaining the vendor the best price in the market place and a certain conclusion to the sale.
In some cases an auction price can exceed the price of a negotiated sale. It is important to set the guide at a realistic price which is attractive to buyers. This will generate competitive bidding in the auction room, and ensure that the best price is achieved.
Auctions are a great tool for bringing a buyer to a point of decision. There is a fixed auction date and buyers are unable to postpone making a decision to purchase.
Quick disposal reduces long-term carrying costs, including taxes and maintenance. Standard completion of the sale is within 28 days of the auction day as per the general conditions of auction. An auction sale offers the avoidance of delays due to extended negotiations over purchase terms.
Property auctions are popular with vendors where an open and transparent method of sale is desired. Bidding is conducted in a public auction room. You can see who is bidding and how much they pay.
Auctions spend heavily on marketing, we maintain an extensive buyer base & provide unique high visibility signage. This ensures an aggressive marketing program that increases interest and visibility of your property.
Property auction advice from Lancaster and Kendal law firm
"Selling at auction may not be for everyone, but there are distinct benefits for those that decide to give it a go. The conveyancing process can be quicker, as the auction may take place a month after a seller has registered, with completion usually around 30 days after the auction date."
"Auctions can attract a variety of buyers, usually in a position to make a cash purchase. If there is a lot of interest, this can help achieve a higher price than on the open market. However, it’s important to remember that the proper preparation must be carried out ahead of an auction which can put many people off."
Ms Leslie explained that the key steps for selling at auction include;
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