Thinking about listing your property in an Auction?

Some information to help you make an informed decision.


Auctions are one of the most transparent forms of property transaction and also an established route to selling a property within a fixed time period. Once the gavel goes down in an auction room - the sale and contract is binding. This is great if you are a seller and achieve the price you are looking for.

 

Many people list their property at an auction because it is said to be a way of selling a property quickly, regardless of the condition of the house. This is true, as most of the properties at auction usually have an "angle" - whether it's the condition of the property, structural problems, an existing tenancy, extremely cheap, a unique property, the list goes on. It is fair to say that properties that are in tip top condition with no "angle" usually do not fare so well at auction, and are sometimes more suited to an estate agent's window.

 

An auction is also the best guide as to the current sentiment of the property market. In a strong market, buyers often end up paying much more than expected for property due to the competitive nature and buzz around property - likewise in a weak market, prices achieved at auction will be lower with buyers focussed on value for money and a more cautious approach to property acquisition.

 

Some auctioneers however do need many weeks advanced notice before they can consider a property for an upcoming auction. They need time to take photographs, advertise the property to potential bidders, arrange viewings and arrange for legal packs to be compiled. All of this takes time (and money). Once the auction takes place a further 14-28 days (2-4 weeks) is allowed before the buyer has to complete the sale of the property. An auctioneer will also advise you on a "guide price" usually set quite low to attract competitive bidding. They will also advise sellers to set a "realistic" reserve price. This is important so that a sale is actually achieved - as a buyer it is important that you have a realistic view of what you property is worth in today's market. This figure is sometimes less than most sellers expectations due to being influenced by historic sales prices when the market was buoyant or local hear-say, but a realistic reserve figure will ensure a sale.


 

AC Investments offers a FREE advice service if you are considering putting your property in an auction. Going it alone without advice and expert research is often costly (1000's upfront) and quite time intensive. We can help you to reduce (and sometimes eliminate) these costs and risks to ensure you achieve your goals if the auction route is for you.

 

Call us now for FREE help & advice on auctions


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