A Guide for Selling your Home at a Property Auction
17/05/2016
For those of you who want to sell your home fast, then a sure fire way of doing so is to sell at a property auction. In next to no time your home can be sold and you rid yourself of a number of stresses involved in using a traditional estate agent. In this post you can find out everything you need to know to get your home sold via auction and other details as to why this can be a smart move.
The Advantages of Selling at Auction
As alluded to above, one of the main advantages is the speed in which you can sell your property. Instead of the long and often drawn-out process of handling viewings, negotiating with interested parties and tackling all the legal aspects, it’s all taken care of in one fell swoop.
There’s also the advantage of being able to sell pretty much any type of property, whether domestic or commercial. In turn, this can save you having to renovate or project manage sorting out your property.
Finally, you can of course get the money for your property in a faster turnaround time.
What to Consider
With all these advantages though, there still are a few aspects you need to consider before you head to an auction, this includes:
- What valuation you will place on your property or your property portfolio
- How much you can afford in auction commission fees
- What legal representation you will have when completing the sale
- Whether or not you want to set a price reserve
- Be prepared to potentially get less than you want for your listings
- On the flip side to this though, you may also get more
What to Do
With the above considerations you also need to take the following actions:
- Research different property auctions to see what costs are incurred and who will be leading the event
- Look through the history of these property auctions and auctioneers to see how successful they have been in the past and what they have sold similar lots for
- When you’ve chosen, you then should agree the reserve and guide prices
- Be prepared to deal with interest in your property before it goes up for auction, you may even get bids beforehand, but it’s worth waiting until the actual event as it suggests there will be some solid bids
So, be sure to take the above advice when making your decisions and with a bit of luck on the day you may well get much more for your lot than you thought.
