Traditional auction combines the certainty of an auction sale, along with the marketing effort of the auction house. Reserve prices tend to be lower with traditional auction compared to modern auction.
How does the traditional method of auction work?
The traditional method is very different; the sale is not dependent on just one selected buyer with an asking price stated, instead all prospective buyers are able to make offers and bid against each other.
The whole process of auction takes away control from the buyer – instead of the offer price being potentially reduced by the buyer in the case of an estate agency sale (sometimes at the last minute), with the traditional method the price can only increase! With an auction sale being a legally binding commitment with a large deposit put down by the winning bidder, the risk of the sale falling through is virtually eliminated.
The traditional method is suited to selling all types of property no matter what the condition – including those without an EWS1 form.
To find out if your property and personal circumstances are suited to the traditional method of auction, call us on 020 7183 3022 for a no-obligation chat.
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