Misconceptions of Selling Properties through Auctions
It is human nature to feel uneasy and daunted whenever we step into unfamiliar territory. Property auctions, although having been around for centuries, are still one of the many things in this world that may induce cold sweats in inexperienced property owners. Why is it that such a simple concept can make some people break down with anxiety but make others rushwith excitement? The answer is simple:
The very thought of risking what’s precious to us for the unknown, no doubt, can make people turn away and run with fear. It is, therefore, our duty to uncover the unknown. If one familiarises oneself with the true reality of property auctions, such anxieties will increasinglyturn into exhilaration as each bidder raises their hand to bid.
The following are the top misconceptions of selling properties through auctions.
My property will sell belowmarket value.
This is a very common misconception. With the right marketing strategy and reserve price, sufficient hype would be created to ensure interested buyers come rushing to the auction to bid on your property. As more interested parties gather to bid, the final sale price will consequently shoot up – possibly even above your expectations!Most importantly, a property must achieve higher than the reserve price before it can be sold. It is, therefore, impossible for your property to ever be sold below a price you are expecting.
Only properties with a lot of issues are sold at auctions.
Untrue! Buyers often mistakenly assume why properties are being sold at auction; they think it may be because of structural issues, it may be a fire damaged property being sold, the house has Japanese Knotweed, or a problem with the title deeds. Mostproperties being sold through auctions are, however, in perfect order both structurally and cosmetically. Properties sold through auctions can come in all types, sizes, values and conditions. There is no prerequisite for a property to be in a certain state for it to be classified as an auction property. Many sellers are looking for a quick sale of their property due to various circumstances, whether it is selling an empty house, selling a probate property or holding a chain together due to a house sale having fallen through.
I will need to be free to attend the auction.
Again, complete falsehood. It is not necessary for the seller to be present on the day of the auction, because all paperwork will have been completed prior to the auction. Auction results are sent over to all sellersfollowing the auction. Buyers can also both bid via telephone or by proxy at auction, meaning that attendance is not mandatory for either the buyer or seller.
My property will not gather enough interest because less people are aware of auctions.
This is not true at all.All properties sold via Auction Agent are advertised on the most used property search platforms like Rightmove and Zoopla, as well as various social media platforms and are sent out to an extensive database of buyers. The amount of exposure your property can get will be the same if not greater,as one being sold through a real estate agent. We will conduct viewings on the property which gathers the buyers together showing a good level of interest, which will enable you not only to sell your house fast, but also sell your house for the best price.
Selling through auctions is more stressful and more costly.
It is often misunderstood that auctions have a lot of uncertainties in terms of the timeframe to sell and the costs.This is far from the truth. Auctions, in fact, have a much greater amount of certainty in terms of timing as all properties sold through Auction Agent exchange contracts on auction day and then the buyer has up to 28 days to complete. Real estate agentson the other hand, can take months, if not longer to complete, due to a lack of legally binding deadline requirements to complete. Furthermore, there are zero upfront costs for all sellers. This completely mitigates the risk of sellers wasting money on fees before any sale is even confirmed. If you are looking to sell your house quickly and have a stress-free house sale then speak to a member of the team at Auction Agent, the Property Auction House in the North West.
Do you have any properties or landin Rochdale, Heywood, Littleborough, Middleton, Milnrow, Whitworth, Norden, Castleton, Bamford, Shaw, Royton, Oldham, Chadderton, Failsworthor other areas in Greater Manchester, Lancashire and Yorkshire that you would like to sell or get a free property valuation for? Get in contact with a member of our auction team today to arrange an expert property valuer, experienced in your local area, to visit your property and to provide a comprehensive, free property valuation. We will also develop the perfect marketing strategy for your property to ensure that your property gets the attention it deserves and requires to achieve the highest selling price possible. With Auction Agent’s maximum completion time of 28 days, you can rest assured that your property will be sold and the funds are received into your bank account in the timeliest manner.
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