Avoid the Stress of Selling a House – Have You Tried Auctions?

Moving home, whether purchasing your first property and leaving rented accommodation, selling an inherited or previous buy-to-let property, or upgrading to a larger home is, undoubtedly, often considered a stressful experience. Did you know that auctions offer a certainty that takes the stress out of the selling situation?

Commonly regarded as a more highly geared event than any other life occurrence, the Clive Emson team often speaks with sellers who are relieved to know their property can sell within 20 working days should they receive an offer over the reserve price at auction.

Of course, much depends on the condition, location and nature of the property you want to sell. Still, in our experience, an auction can provide certainty, confidence, and professional support to relieve much of the anxiety – especially if your sale is essential to moving forward with other plans.

For more information about selling a house at auction, please get in touch with the Clive Emson team. Looking for a FREE independent auction appraisal? Let us know the details of your property and find out how much it’ll sell for at auction here. 

Why Is Selling a Property Stressful?

Moving house is said to be one of the most stressful activities, but selling your house in the first instance can be fraught with anxiety. The reality is that it needn’t be, but with average selling times extending up to six months and volatility in the property market between regions, many sellers report that their key priorities are speed and reassurance, particularly if they don’t have time to spare.

It may be fair to say that higher interest rates have caused a slowdown in the general property market, but behind the scenes, things are as busy as ever. There is a broad spectrum of buyers registering to bid for properties listed at auction – from those moving from populated cities, developers, DIY enthusiasts, first-time homebuyers or landlords looking for homes in high-demand areas.

Rather than the sales or viewing process, the vast majority of buyers state that it is the uncertainty that causes the most stress. Not knowing whether an offer will materialise, whether a prospective buyer will drop out or whether a chain will fall through at the last minute can exert a great deal of pressure.

The common factor in all of these scenarios is certainty – the knowledge that your property will sell for at or above a reserve price you set and with no lengthy delays in sight.

Reasons to Consider an Auction Purchase to reduce stress!

While many of the pressures associated with property sales are linked to the seller, we appreciate that a similar situation may apply to buyers. In areas where properties are in demand or offer excellent potential as remodelling projects, it can be just as difficult for buyers, who may only know at the last minute whether the purchase will be completed or whether they will be gazumped.

An even worse scenario arises when the sale moves ahead to pending contract exchanges, and the seller decides to go a different direction.

As a buyer or seller, a professional property auction may provide a solution and ensure you can move forward with your plans without any potential delays, disruption or unanticipated costs.

Read more here: Should I sell my house at auction?

Fast Turnaround Times for Property Auctions

While some elements of the sales and purchase process may depend a little on the buyer and seller and the conveyancing process duration, an auction sale is typically completed within as little as six weeks, end to end offering an expedited way to move ahead with a property sale.

The quick turnaround is very much due to the legal obligations of the sale that the buyer and seller enter into. Once the bid is successful, contracts are exchanged with a completion date specified in the contract.

Read more: Selling your house quickly with auctions

Further to this, you may find that properties considered highly desirable on the open market may differ from those that attract competitive bidding in an auction setting.

Generally, market buyers are looking to purchase properties to live in. In contrast, as well as owner occupiers auction buyers also include professional landlords, experienced renovation experts and developers who will be keen to acquire properties in need of modernisation or repair works.

If the property you’d like to sell is considered complex in any way on the open market, you may find that a local estate agent may work with an auctioneer to reduce the extended time frames and provide the reassurance that the vast majority of auction properties (80%) sell for at or above the reserve price the first time they are listed.

Read more: what happens to properties that don’t sell at auction?

Will My Property Sell Well at Auction?

There are several misconceptions about the types of properties that attract significant interest at auction and the sale prices you might be inclined to accept in an auction bidding scenario.

As a seller, you have full control and can set your reserve price – the minimum value you will accept from a bidder to confirm the sale. Likewise, your auctioneer will help you set a guide price , which indicates a price that the auctioneer will market your property at.

However, properties that commonly achieve far above the anticipated sale value might include the following:

• Sales due to an inherited property.
• Debt consolidation sales to avoid repossessions.
• Resales of investment properties.
• Homes that require modernisation.
• Unusual or desirable properties.

While property auctions aren’t in any way restricted to homes that would be difficult to sell on the open market, they often attract less conventional or more unusual plots – including those of a premium valuation that will appeal to certain demographics of buyers.