Top queries to ask an auctioneer when selling your property in Clayhall
Auctioning is one way to try selling your Clayhall home, although it can be a gamble because your property might not receive any bids and therefore it won’t sell, and you’ll have to start the process of finding a buyer all over. Your aim is to get many bids on your home, which will push the sale price high and hopefully make you a decent profit. But you could just get a single bid at the reserve price, which is the lowest value at which you agree to sell your property.
For this reason, it’s vital that you select a reserve price at which you will still be able to make a profit even after subtracting the commission that the auctioneer might charge for selling your home. A winning bid at an auction is considered a legally binding agreement to buy your home, and the buyer could sue to enforce it should you decide to try and walk away from the sale.
If you would like to use a property auction, you might want to consider calling companies in advance to ask them questions about how the selling process. We’ve provided some top queries and explanations of answers below to help you in making your decision about the best way to sell your property.
Auctioneers typically charge sellers fees based on their property’s sale price, although you might be able to pass some costs on to the winning high bidder. However, if you sell your property to a legitimate fast buyer like LDN Properties then you will not have to pay any fees and you will make more profit because you can count on receiving the full sale proceeds.
Auctioneers set an average deadline of 28 days for the winning high bidder to complete the purchase of a property sold at auction, but this can vary so you should ask specific companies for their policy. Note that selling to a quick buyer will often be a much speedier process, and can be completed within weeks rather than the longer timeline with selling via an auction.
This is an important question because it can help you learn whether the auctioneer has ever managed to sell your home. If your property has a unique feature, such as suffering dry rot, and the auction company has never sold such a home before, they may struggle to generate any interest in buyers and your property could receive zero bids and will therefore not sell.