The advantages of selling your property at auction.

Mon 03 Feb 2020 07:08:32

Selling your residential or commercial property at an auction can reap lots of rewards. From a higher sale price to a speedy sales process, auctioning your property can be beneficial for many reasons. In this blog, we’re looking at exactly how much you can benefit from putting your property under the hammer. 

 

Secure sales

When selling your property via an estate agent or other means, there’s a bigger risk of the buyer changing their mind down the line. When your property is purchased at an auction, buyers are legally committed as soon as the hammer falls. This means there’s less chance of them backing away from the deal. And if they do, there will be procedures in place to protect you.

 

Get the best price

Researching into the local area and property prices, you can set a reasonable guide price for your property. If you’re worried about not achieving a good income, you can set what’s called a reserve price. This is the lowest minimum amount you’ll accept from the buyer, meaning you won’t lose out.

 

Sell your property quickly and easily

Choosing to sell via auction instead of with an estate agent can speed up the selling process for a number of reasons. Firstly, there’s a set viewing period for anyone wishing to see the property before it goes under the hammer. So you won’t have weeks and weeks of people viewing your house – and you won’t have to keep cleaning it. 

 

Secondly, all searches on the property will be done prior to the auction so buyers know what they’re getting into. And finally, auction properties have a 4-week average sales period, compared to a minimum of 8 weeks if you were selling via another method. 

 

And once the property has been sold, there’s usually a 28-day period of completion, meaning it’s a speedy process. 

 

Higher Sale Price

If there is more than one buyer interested in your property, there’s a chance it’ll sell for a higher price as they’ll bid against each other – otherwise known as competitive bidding. This works best when there has been an open day to view your property, prior to auction day. 

 

Auctions in Leicester

Shonki Bros have been helping customers secure residential and commercial properties since 1965. They have years of experience, lots of knowledge and competitive fees, making them one of the most popular auction house in Leicester. Sales success via Shonki Bros auctions are a whopping 86% – higher than the national average for properties sold at auction.