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Aston Anderson recently announced a brand new partnership which will provide our clients the option of selling their property via auction. Many of you are now wondering if this process is right for you, so we thought we would share a few insights.
Around 30,000 houses a year are sold via auction in the UK, with sales totalling £3.5 billion in 2016. Even in the slow summer months there are around 10 auctions a month around the UK, with 50-150 properties on sale.
Whilst many believe that it is just ‘fixer-uppers’ available at auction, in desperate need of complete renovation, the truth could not be further from the truth. In fact, there are a wide range of homes available, including some beautifully renovated homes.
According to Aston Anderson’s auction partner Pattison Auction, this is a common misconception.
“The truth is that auction offers a secure method of selling a property, providing a platform for exposure whilst you retain control of the process.”
Selling your property at auction provides a host of benefits not available when selling through the usual channels. So just what are these benefits?
Actually all houses are sold at auction are subject to a reserve price agreed by you. This is the lowest price that you would accept, and the property cannot be sold for anything less than this amount.
Just because you are selling the property through auction, it doesn’t mean that the lead up is any different. The property will be advertised in all the usual places and potential buyers are actually encouraged to go for a viewing as all purchases are final.
The starting bid is used to advertise and this often slightly lower than the reserve to encourage buyers and bids.
You might think that selling at auction means there are lots of fees to pay to the auction house or estate agents but that could not be further from the truth. In fact, selling your house this way means 0% sales fees!
Yes. Once a sale is agreed, the buyer makes a non-refundable payment which means they are financially committed to the purchase. And it happens quickly with the buyer committed to completing within the auction timescales of 28 or 56 days.
No, auctions are actually pretty simple. The auction house and estate agent do the legwork and the whole sales process remains transparent and hassle-free.
So now you know selling your property at auction is not as nerve-wracking as you think, it is time to talk to one of the Aston Anderson team. Contact us today.