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The biggest reasons why one should sell through Auction Agent rather than a real estate agent or other auctioneers is due to its speed, certainty and lack of barrier to entry. It is stipulated in the sales contract that all transfers and exchange of contracts should be completed within 28 days of the auction. This is significantly faster when compared to a real estate agency, where it may potentially take months to complete.
Certainty is also a huge factor because, as soon as the gavel falls, the highest bidder is contractually obliged to buy the property, subject to the reserve amount. No time is therefore wasted going back and forth between the two parties. Finally, we do not require any upfront fees to start marketing your property. You, therefore, do not need to worry about wasting any money if we do not help you sell!
It is generally better to sell a tenant occupied property. This is, however, situational. You may opt to serve your tenants notice if the buyer is looking to live in the property themselves or wishes to refurbish it. Please contact a member of staff so that we may better advise you as each property should be looked at on a case by case basis.
Yes, you will need a solicitor to prepare legal packs of the property and will require one to conduct conveyance upon confirmation of sale. It is always advisable to appoint a solicitor with auction experience as special expertise would be required.
No, this will generally work against you as fresh new property listings in the market would have a much better response from the public than one that has been marketed previously. This is due to potential damages done through incorrect pricing and the length of being on the market. You should always go straight for an auction sale if you have the intention to do so from the start.
Properties in auctions generally sell for higher than their guide price, however this is not a guarantee. The selling price is typically based on the amount of interest, initial guide price set and the amount of hype we bring through marketing and the auctioneer.
Contracts are legally binding upon the fall of the gavel. It is technically possible for the buyer to change your mind; they, however, will be breaching the sales contract. They will, consequently, suffer heavy financial penalties including – but not limited to – losing their 10% deposit to the seller.