Should you put your property to auction?

Auctioneering has been on the rise in recent years thanks to shows such as ‘Storage Wars’ and ‘Homes Under The Hammer’, and more and more homeowners are considering putting their property to auction.

However there are pros and cons to living by the gavel, and we’re here to provide you with some key information supporting both sides of whether going to auction is the best choice for you.

PROS

  • If your property sells the buyer immediately pays you 10% and then has up to 1 month to send the additional 90%
  • ‘Bidding wars’ can up the sale of your property drastically
  • If your reserve price isn’t met, you don’t need to accept a lower offer!
  • Buyers can’t back out of the sale without facing legal procedures, unlike regular sales
  • If your property is priced too high for the potential buyers at your auction, you have an opportunity to negotiate with those interested after the auction
  • There’s no chain! So you don’t need to rely on anyone else selling before you can move into your new home

CONS

  • There is no guaranteed sale when it comes to auction
  • You won’t know how much your property will sell for (though you do have a reserve!)
  • There are high fees when submitting your house to auction
  • All sales are FINAL
  • It can be a risky purchase, as mostly your opinion of the property is via photography

 

Do you think auction is right for you?

If so, we have an auction at our office in Leicester on 22nd November with some incredible properties available so far, why not head down to our office and check it out?