The modern way to sell by auction...
The UK property industry is finally catching up with the rest of the western world by embracing the 'Modern Method of Auction'.
Traditionally, property auctions have evoked images of distressed properties or fast, high-pressure environments. However, the modern auction approach is a far cry from these outdated perceptions, and bringing with it a whole host of advantages to both buyers and sellers; it's no wonder that the 'Modern Method of Auction' is so widely adopted in countries like the US and Australia.
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Speed and Efficiency: One of the most salient benefits of the modern auction method is the speed at which properties can be sold. Traditional property sales can often drag on for months. In contrast, modern auctions typically have a set end date, ensuring a swift and efficient process. This reduces the 'time on market', giving sellers peace of mind and buyers a clear timeline.
In fact the most modern auction sales complete 60% faster than traditional sales.
Transparent Process: Bids are placed openly, either in person or digitally, ensuring transparency for all parties involved. This openness reduces the likelihood of negotiations falling through or last-minute surprises, fostering trust in the process.
Reduced Risk of Sales Falling Through: In a traditional sale, deals can often collapse due to chain breaks or last-minute changes in buyer circumstances. The modern auction method, with its non-refundable reservation fee or deposit, ensures a higher commitment level from the buyer.
Fair Market Price: With competitive bidding, sellers have the opportunity to achieve, and sometimes even surpass, the market value of their property. For buyers, the process ensures that they are paying a price deemed fair by market standards, based on real-time demand.
Broadened Audience Reach: With modern auctions now taking place online, properties can be marketed to a global audience. This increases competition, potentially driving up the final sale price, while giving sellers access to a wider pool of potential buyers.
Clear Legal Framework: Prior to auction, legal packs are prepared and made available to prospective buyers. This ensures that all parties are fully informed, reducing post-auction complications.
The modern auction method of selling property is not just an alternative but, in many cases, a preferred choice for many sellers and buyers. Its fusion of speed, transparency, lower fall through risk, and efficient process makes it an appealing and beneficial way to buy and sell for all parties involved.
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