Let’s ‘Hammer’ out the Facts from the Fiction…


Posted on Tuesday, October 5, 2021

Let’s ‘Hammer’ out the Facts from the Fiction…

Let’s ‘Hammer’ out the Facts from the Fiction…

At FSS, we help you sell properties; big, small, new, or old properties, we’re here to help sellers find the best time, place and method to sell their property. For most, selling a property means doing so on the open market, but not at FSS, as we have a property solution that can suit everyone… including our successful auctions.

Not an auction expert? Dont worry most people are not 100% familiar with the process, but fear not as this blog post will help you to dispel the most notorious myths… so without further ado lets hammerout the facts from the fiction!

Myth 1 – Theyre for low value, poor condition properties only. 

Traditionally, selling your home at auction has been associated with run down houses, or ‘fixer-uppers’. Whilst many buyers have been known to snap up a bargain, its not always the case.

In fact, many unique properties are sold via auction such as barn conversions and new builds. Some keen buyers attend auctions to find something a little different, rather than a property below the market value. 

The key is to understand how much your home is worth, you dont have to under-value it for it to be sold at auction. With each property a reserve price is set, this is the lowest youre willing to sell your property for. If this isnt met, youre not obligated to sell. 

Myth 2 – Theyre expensive for sellers

While there are still some unavoidable costs of selling a house, selling by auction doesnt have to be expensive. You dont always have to spend more than you would normally. 

Myth 3 – Theyre a last resort

We get it, it’s frustrating when your house doesn’t sell, but auction shouldn’t be seen as a last resort! If your house isnt selling, there can be a number of reasons for this. Overpricing is the most common culprit for a lack of interest, but there are others too, such as quirky features, or a less favourable location. 

Myth 4 – They generate less interest 

In many cases, auctions seem to generate more interest than usual. This is due to a number of reasons, including:

  • Buyers can watch bids in real-time online.
  • Online is highly accessible.
  • It is an open forum where everyone gets a fair chance.
  • There is no quicker way to buy a property- completion falls within 28 days of the hammer falling.

Myth 5 – Only experienced investors can compete in auctions

You’re not an experienced investor? Well don’t worry, auctions are open to anyone, it is a level playing field for all bidders. 

Now that we have cleared up a few common misconceptions, it may be time for you to join us! Our next auction is on the 11th of November, whether you’ll be selling or bidding, we are more than happy to have a chat with you…