Want or need to sell a home quickly? Try Auction House
PUBLISHED: 11:02 30 November 2018
Are you looking to sell a property quickly? Auction House, with four sale rooms in East Anglia, has the answer.
If you are looking to sell a property in the near future, with the uncertainty of Brexit, you will likely be worried and want to sell sooner rather than later. Property on average takes at least six months to sell through estate agents and in the current climate with the political challenges ahead, it may take considerably longer. If you want or need to sell quickly, and your property suits the process, your best course of action will be to put it in an auction with Auction House.
Auction House is the biggest auctioneer in the UK with auction rooms nationwide including four in East Anglia; in Norwich, King’s Lynn, Ipswich and Peterborough.
Selling with Auction House is incredibly simple; you can enter your property into an auction just two weeks before, although a longer lead time gives more opportunity to market your property and achieve a higher price on the day.
“Using an auction removes much of the stress and worry associated with the house selling process. Instead of not knowing when you might sell, you have a definite schedule,” said Bryan Baxter, auctioneer at Auction House. Exchange happens at the fall of the hammer on the day and completion usually occurs no more than 28 days later. When the hammer comes down, this represents exchange of contracts meaning the sale between you and the buyer is legally binding.
After this, the buyer signs the contract and pays a 10% deposit meaning they are legally committed to making the purchase. This nearly always avoids the distressing situation of a sale falling through. Completion, usually just a month later, is when you transfer the title ownership of the property to the buyer after the balance of the purchase money has been paid.
Then there is the price.
When selling in the traditional way, an estate agent will usually suggest a higher asking price and seek offers from buyers at or below, pressing you to lower the asking price to help generate interest. If you choose auction, the auctioneer will suggest a more attractive guide price which generates buyer interest and then use the ‘bid up’ process on the day. This means, although there are no guarantees, you can often sell for more, not less, than by using an estate agent.
You don’t have to worry about your property selling for lower than you want because at auction you set a reserve price. This is a confidential price below which the auctioneer cannot sell the property. If the property fails to reach its reserve, offers will then be invited from all interested bidders to try and agree a sale after the auction at or above your reserve, or at a lower price if you agree.
Auctions are used for selling all kinds of property and certainly not just those with ‘something wrong’ with them, as is often the misconception.
However, if you do have a property which needs renovation or remedial work, you don’t have to spend money on it in order to sell. An auction will always attract builders, developers and landlords looking to increase their portfolios, so you’ve got a ready made group of potential buyers. Also if your property is tenanted, it can be sold at auction as an investment with the tenant staying on.
Auction House East Anglia has auctions throughout the year - with two next week if you would like to experience the auction room, and the next ones in February – so if you sold your property in one of the February sales, you could complete by the second week of March or even earlier.
If you sell through an estate agent, even after accepting an offer, you would have four to 12 long weeks before exchange and then another one-two weeks before completion so the process could still be ongoing into the summer or even beyond.
If you need to sell even more quickly, you can let Auction House East Anglia enter your property into one of its immediate exchange Online auctions. This operates in the same way but you can view the bids made and watch your property sell without even leaving home.