Selling your property at auction is a viable and often, profitable method of selling your property. In recent years, auctioning a property has seen a steady increase in its application and it has now embedded its own niche with many benefits for vendors and buyers alike.
At Michael Anthony Estate Agents, we're partnering with Network Auctions to offer you a superb platform to market your property.
It's a wonderfully competitive environment. All the buyers are either "in the room." bidding online or by phone. However, by the time the gavel hits the wood, the seller's property is sold and is immediately exchanged. Just like that! Buyers have entered into a contractual arrangement and therefore are committed to purchasing the property. A percentage of the sale price must be paid immediately, with the balance typically required within 28 days.
Typically, the properties sold at auction are those which have "mortgageability" challenges. This means mortgages might not be offered against the property (for one of the reasons outlined above). Therefore, all the buyers in the room will have access to funds to pay for the property, almost immediately.
With the auction house and/or estate agents' permission, buyers can view a property being auctioned before the auction takes place. However, they can't do this afterward. If their bid is successful, they're committed to purchasing the property.
Often, buyers see an opportunity in a property despite the noted challenges it may possess. However, this won't put off an ambitious landlord/developer/investor. If you get a number bidding against each other, this is not only exciting to watch, but also drives the price higher. Great news for the seller! Selling at auction can offer a premium, occasionally the end price is exceptional.
The buyers will have finance and/or cash behind them and the contractual situation the buyer enters into with their winning bid means they exchange immediately. There's no chain!
We work with Network Auctions who have sold thousands of properties, of all types, throughout the UK for a wide variety of sellers including banks, asset managers, solicitors, receivers and executors. The Michael Anthony properties will all be sold at the prestigious Grosvenor House Hotel, London.
We are currently inviting entries for our upcoming auction on 13th December 2018. Entries must be disclosed by 22 November 2018.
The first auction of 2019 will take place on 23rd February in London; deadline is 7th February 2019.
Please call Ben Hughes for a free, no obligation conversation about your property. It could be the best call you'll make. Our experience in this area will be refreshing and welcomed.