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Auction

 

What are the benefits of selling my property through an auction?

Property auctions are more popular than ever this means the increase in demand for auction properties can often lead to the price being driven up. Therefore securing a great price for your property with very little risk.

Our auction sellers find real peace of mind knowing that once the hammer falls, the contract is legal and binding. The purchaser has to pay a non-refundable buyers premium as soon as the sale is agreed via auction. They then pay the full balance of the property within 28 days (we have delayed this previously if the seller has needed a little more time to move) This avoids the uncertainty that is usually associated with selling a property in the conventional manner, the chance of gazumping, the buyer pulling out, or re-negotiating to a lesser price following the results of a survey. Giving you less risk as a seller and more security with your sale.

 

Why should you sell at auction?

Most properties will do well to sell via the auction. The key factor’s being; marketing and price. UK Online Agents are experts at auction, we can advise on every aspect, whether selling or buying. We are knowledgeable, professional and most importantly we work hard to get the best results for our sellers at all times. As well as intensive internet marketing including Rightmove, UK Online Agents allow you to reach the largest audience when looking for a buyer for your property. All viewers are financially qualified and we have an extensive database full of buyers.

We do set a reserve on our auction properties which we discuss with our seller. However it could be that you have a property which is unique and difficult for a conventional estate agent to put a definitive price on. In these circumstances an auction will determine the market price for you, as bidders will pay the price they feel it is worth. Also, if a property has proven difficult to sell for whatever reason, perhaps because of legal complications as an example, an auction will end with a definite sale with no chance of it falling through.

Another reason could be that you simply need a quick and uncomplicated sale, perhaps if you require no chain, are emigrating or are unfortunate for it to be a probate sale. There are many reasons to achieve a sale via auction.

 

Preparing the property for auction

As with any property at this stage, it pays to ensure that it is looking as good as it possibly can, in order to entice potential purchasers into making a bid. We will advise on presentation and offer accompanied viewings to take the pressure off.

 

Getting offers before the auction

It is sometimes the case that an offer is made prior to auction. This is perfectly legal, and it is up to the seller to decide whether it is worth taking, or continue to the online auction. All offers at auction are classed as proxy bids and stand as such in the online auction. There would then be the possibility of the price exceeding the initial offer made in the online auction. Or a potential increase from the offer.

 

The auction

UK agents are in full control of the online auction. 

However, if your property fails to meet its reserve, it doesn't necessarily mean that it's all over. If you need to sell the property, and are willing to sell at a price that is lower than the reserve, then it is still possible for us to negotiate and do a deal with a buyer when the lot has finished. The auction terms and conditions still remain, and as long as a price is agreed, then a deal can go ahead.

 

Is selling at auction right for you?

All in all, if you're wanting to sell and would rather not have any uncertainty, want a quick and legally binding sale, then selling a property at auction is a great idea. This coupled with the potential to see the price driven up by eager purchasers bidding against each other, means that in our opinion, selling property at auction is definitely the way to go. Good luck!