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? Don’t 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 let’s ‘hammer’ out the facts from the fiction!
Myth 1 – They’re 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, it’s 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 don’t have to under-value it for it to be sold at auction. With each property a reserve price is set, this is the lowest you’re willing to sell your property for. If this isn’t met, you’re not obligated to sell.
Myth 2 – They’re expensive for sellers
While there are still some unavoidable costs of selling a house, selling by auction doesn’t have to be expensive. You don’t always have to spend more than you would normally.
Myth 3 – They’re 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 isn’t 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…