Sell your home quickly, Rent back fast

Why choose to sell through a property auction? It’s a great way to reach a wider range of potential buyers, and there’s likely to be at least someone who is willing to buy your property. And the timeframe for the sale period is crystal clear – 28 days or less! Auctioneers should tell you if your home is suitable to be sold at auction.

A few things to consider when thinking about this option;

• Is your house unique?
• If the rental demand is strong in your area.
• Is your home priced for a quick sale?
• Does your property have any issues like a short lease?
• Will it attract first time buyers?
• Does it have development potential or does it need work?

Location, location, location! Is such a big factor in deciding the final sale price of a property. Amongst other things such as those mentioned above, location is arguably the most influential reason why house buyers would want to start a bidding war. If it is in a good area and has business potential, or is a developers dream, then you have a gem!

Try and pick either a London auction house, or an established local one, as these are more likely to have a loyal house buyers.

Know your legal obligations as well, for example using a solicitor who knows about the common auction system. It is up to you to make sure that every detail about your property is accurate, both in the description and catalogue. Otherwise the buyer to withdraw and claim their deposit back.

When pricing your property, make sure you know what you are doing, most auction houses will recommended a realistic quick property sale price and a reasonable reserve. If the reserve price is low, in fair play the bidding can get quite exciting!

Did you know that some properties are sold before the auction day? Selling this way to reach a quick sale, stress to the auctioneer that you are open to offers prior to the auction.

And as with everything that is as technical as this, always read the small print. If you are unsure of anything to do with the auction, it is always good to ask your solicitor to check it, in case there are things like restrictive clauses. You might want to think about doing this if you are aiming for a quick sale, and especially if your property is on the market and your with an estate agent. If your not careful then you might end up paying double the fees if the contracts overlap, if you read the terms carefully.

So basically, with the right property, carefully reading the paper work and with the right location, selling at auction isn’t so complicated really. The disadvantages of selling in a property auction is mainly price. You will probably only acheive 70-80% of the open market value of your property. Also if the property doesn’t sell then you will still have to pay fees.

Filed under: Quicksale