If you thought selling property at auction was only for run-down places, or that it didn’t offer value for money, you might want to think again. Methods have moved on considerably in recent times, meaning modern auctions are flexible, secure and can lead to a swift sale, while generating an interest in the property that you may not attract on the open market.
We outline the benefits of selling your home via modern auction in more detail here. At Oakfield, we’re auction partners with I Am Sold, and work closely with them.
How does a modern auction work?
Under the modern auction method, once an offer has been accepted, the successful bidder places a non-refundable reservation. This results in minimal fall throughs as buyers are financially committed.
It’s different from a traditional property auction, a single event at which buyers bid for properties in real time, its very simple to use and can be compared to using eBay!
You can read more about the process here.
What are the benefits of selling by modern auction?
- A high chance of bagging a sale
One figure has it that modern auctions can yield successful sales for 85% of properties taken on. That gives you a very high chance of the transaction going well.
Modern auctions are swift processes, leading to quick sales. Onboarding to the auction process takes just a couple of weeks, and then you can expect to have sold your property on conclusion usually within two to three weeks. Completion should occur within 56 days.
Once you have a winning bidder, the sale with them is legally binding. (Remember they pay a reservation fee at this point.) When selling a property by the standard method, on average 30% of transactions fall through yet via modern method this figure is less than 5%. So, you have the reassurance and peace of mind of an almost definite sale.
And, essentially, you end up enjoying the best of all possible worlds, with a faster sale that leaves you with more money than selling through other routes would. You could also more than halve the time the selling process takes, and get moving sooner, with a fixed completion date. What’s more, you’ll feel in control from the outset and throughout.
Where has this worked well for you before?
Here are two great examples of properties we’ve sold successfully at modern auctions, and why it has worked well for the sellers involved.
- Sandown Close, Hastings
This property was a two-bedroom house, being sold to pay for care home fees, so that timescales were especially critical for the seller. We enjoyed quick and excellent results thanks to the modern auction process, quickly securing 15 viewings. With a reserve price set at £185,000, the sale was finally agreed for £204,000. This was an excellent and fast-moving process which worked well for all involved parties.
- Milham Close, Bexhill
This property was a refurbished bungalow with two bedrooms. It had previously been sold on the open market under standard selling terms, but the transaction fell through a couple of times because of issues with related sales. So, the vendor was especially keen to use a secure method of selling their home and they decided to market this bungalow via modern auction. We soon had six viewings in the bag. Ultimately, we secured a buyer at the reserve price of £400,000, the same price as the sales which fell through. Ultimately, the transaction was completed to the satisfaction of all concerned.
So the modern auction process worked well for these vendors, and it could work well for you, too. Especially if you need a swift, secure sale, or transactions have previously fallen through, get in touch with us today to learn more about modern auctions. We’ll be pleased to discuss the process in more detail.