There are some great benefits to selling your house on auction. If you’re in a situation where you need to sell your home within a particular time period, an auction is the perfect way forward as it has a set schedule.
Selling Your House at Auction
Auctions are also ideal for properties with unique characteristics, which are difficult to put a price on. Auctions are a more public way of selling your home and an effective means of reaching the masses.
Putting your house on auction really is the best way to find out exactly what the market is willing to pay for your property. There is no ceiling price. They offer a formulated marketing program designed to get the best offers from buyers. The set date of sale builds momentum as the auction date nears, which can have a positive effect on potential buyers and encourages them to act quickly. For this reason, many properties are sold prior to auction day as buyers are encouraged to enter into pre-auction negotiations.
Another positive with a house on auction is that auctions generally have set marketing costs and schedules, so you’re aware of most of the incurred costs up front.
When you agree to sell your house on auction, you get the additional benefit of knowing exactly how many open for inspection days to plan for. These controlled, open house inspections minimise the impact on you and your family.
A house on auction has a set reserve price based on detailed discussions between you and your selling agent. This means there is no danger you will sell your house for less than you have specified. In fact, the competitive bidding at auction means there is no price barrier. And in the event your home does not meet the reserve, the auction process identifies the most likely buyers to negotiate with, once the hammer has fallen.