Did you know that you have the option of haggling with the agent over the fee they charge? Commission rates vary between 1-3% depending on the sale price achieved. Another useful tip is to be aware of the prices at which comparable properties in your area have sold.
In the property market, the condition of your home is more likely to make an impression and may even add significantly more to the final sale price in a slower market. However, in today’s faster-paced property market, the final sale price and speed of the sale are often more important than the presentation of your home, which is not to say that keeping your home clean and tidy isn’t worthwhile.
Several points to consider when considering this option;
-Is your home one-of-a-kind?
-If rental demand is high in your neighbourhood.
-Is your home priced competitively?
-Is there a problem with your property, such as a short lease?
-Is it likely to entice first-time buyers?
-Is there room for growth or does it require work?
Always read the fine print on anything as technical as this. If you are unsure about anything related to the auction, it is always prudent to consult your solicitor, in case restrictive clauses apply. You may want to consider this if you’re looking for a quick sale, and especially if your property is listed with an estate agent. If you are not careful, you may end up paying double the fees if the contracts overlap.
It’s all about location, location, location! Is such a significant factor in determining a property’s final sale price. Among other factors, such as those mentioned previously, location is arguably the most compelling reason for home buyers to initiate a bidding war. If it is in a desirable location, has commercial potential, or is a developer’s dream, you have a gem!
Why would you choose to sell your property via property auction? It’s an excellent way to reach a broader range of potential buyers, and there’s almost certainly someone willing to purchase your property. And the sale period is specified in crystal clear terms – 28 days or less! Auctioneers should inform you if your home is suitable for auction sale.
Additionally, be aware of your legal obligations, such as hiring a solicitor who is familiar with the common auction system. It is your responsibility to ensure that all information about your property is accurate, both in the description and in the catalogue. Otherwise, the buyer may wish to cancel the transaction and receive a refund of their deposit.
When pricing your property, ensure that you are knowledgeable and do not stray too far from the auctioneer’s recommendation. You can always opt out of selling below a certain price by setting a reserve price that is comfortable for you. When the starting price is low, bidding can become quite exciting!
Thus, with the right property, careful reading of the paperwork, and establishing a reasonable starting price and reserve, selling at auction isn’t nearly as complicated as it appears.