Warning! Thinking about listing your London property in an Auction?

Read this before you think about listing a property with a London auction house.

It’s everywhere!! Whenever people talk about 'bargain' property, the topic of auctions comes up. Property auctions have become increasingly popular over the past couple of years and continue to be so, but who exactly benefits from an auction?

 

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, and buyers turn up in the droves to bag themselves a ‘bargain’.

 

The reality for a homeowner is that if you require a quick, and guaranteed sale, selling at auction is one of the riskiest ways to achieve this. Auctioneers 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. Once the auction takes place a further 28 days (4 weeks) is allowed before the buyer has to complete the sale of the property. In total, selling at auction typically takes well in excess of 2 months, which is not far off the length of time it would take to sell though a traditional sales route. On top of this your property may sell for anything up to 35% less than the full market value.

 

The bigger worry for a seller is that there is no guarantee that the property will even sell at auction, with London auction sales percentages of around 66% on average there is a 1/3 chance that your property will not even sell!!

 

Auctions benefit the auctioneer first and foremost because of the big commissions they get on each sale, they benefit the auction property buyer secondly as they can potentially buy property for less than 30% of the full market value. The seller is left in a situation where there is no firm guarantee of either a firm price or even whether the property will sell or not

 

AC Investments offers a genuine solution to those who would like a quick cash sale of their property regardless of the properties condition. We are private buyers and provide a guaranteed cash offer and complete the purchase of property in as little as 2-3 weeks where required.

 

Call us now for free advice on the alternates to using risky auctions, or fill in our quick 30 second enquiry form for a no obligation cash offer on your property.