Selling your property is a big decision, but it is just as important to consider all options available and to choose a method of sale that is right for you. Selling via Private Treaty is the go-to for most sellers, and many would never consider auction as an option as it can often be associated with run down properties, or underselling.
All types of houses sell at auction – it’s actually about your personal circumstance, not the property. If you need to sell quickly due to relocation or perhaps you want to sell a property you have inherited to avoid expensive running costs, then the Modern Method of Auction (MMoA) can offer security and completion within just 56 days.
An average time for a Private Treaty transaction to complete can be over 3 months Auction offers a completion timescale of 56 days.
With MMoA the buyer pays a Reservation Fee and signs an agreement, committing them to complete within the given timeframes, so they are highly unlikely to walk away from the sale. This arrangement also prevents attempts to renegotiate the sale amount once it is agreed.
Because MMoA has an extended timescale of 56 days, auction is now accessible to a wider pool of buyers, including those looking to purchase with a mortgage, this offers you the speed and security of auction, but without limiting interest in your property.
You remain in control of what you ultimately achieve by setting a Reserve Price. This is the amount you will not accept any less than for your property and it offers you an additional level of security and reassurance. Auctions can be particularly successful for highly sought-after property too, where high levels of interest can result in competitive bidding, helping to drive up the final selling price. You might get more than you think!
Costs are covered by the buyer in the form of a Reservation Fee, there is no commission to pay as the seller. You only pay for the cost of an Auction Pack (a legal requirement to sell at Auction), which is only payable on completion.
For more information, a free valuation, or just a no obligation chat about what is best for you, talk to us today on (01603) 764444, or complete an enquiry form.