Auctions are a dramatic, albeit popular, arena. Untold sums of money flow through the auction and placing the house you want to sell right in the middle of the chaos can seem like a big gamble.
It’s competitive, high-stakes and can easily be mistaken with something akin to gambling for it’s rowdy, random nature.
However, the positives far outweigh the negatives. Buying or selling a property on auction can be a process that greatly improves your chances of a decent, solid and fair deal. Here’s why.
The Bidding War
Trying to buy or sell a home in the middle of a nationwide housing crisis is no small feat.
People hold their money a little closer to the chest, and can’t seem to escape the renting circle or, in some cases, even move out! Consequently, selling something many people just can’t afford makes it tough to appeal to any sort of viable market.
However, one thing an auction can increase is excitement. Auctions inspire risk taking and ludicrously good deals, and bidding wars can often ensue and send the end game price soaring beyond expectations.
Additionally, your property is on offer to many different types of buyer, whether they be young or old, rich or poor. Therefore, you could plausibly get far more money than the actual value of your property, which is an obvious benefit.
A Time Saver
Buying a home used to mean touring countless homes for fruitless results. Endless tours of roaming properties and frequent liaisons with several estate agents, frankly, would be enough to give anyone a headache. It’s a drain on time, but it’s no longer completely necessary.
By buying or selling property at auction, you’re trimming away a lot of the fat that usually plagues the process.
It goes straight to the potential buyers while bypassing most of the ‘ifs’ and ‘maybes’. Additionally, online auctions can make things even quicker, and new build homes can be sold quickly at competitive prices at the click of a button.
Ultimately, it’s a live feed to the housing market, keeping your pulse on everything from prices to interest.
Selling a property with an estate agent can provide a lot of uncertainty. Buyers can walkout on deals part way through, estate agents can become your boss and you can essentially be at the mercy of the entire process.
Completion times and negotiations can be laborious, and ultimately the entire ordeal can be excessive and arduous from more than just a time-wasting standpoint.
Selling or buying a property at auction can lend you more confidence in the system. You are in control if you’re the seller. You can set the pricing and choose whether or not to accept lower deals or relist the property. Additionally, you can demand an immediate, non-refundable deposit of anywhere upwards of 10% of the price when selling on auction.
If you’re the buyer, if you like it you can buy it with no strings attached, and all cards are on the table. Ultimately, auctioning property streamlines the events in order to benefit everybody.