Heidi Armstrong, Director of Operations for State Custodians Mortgage Company.
There are some great benefits to selling your house at auctions, there is no doubt. Now if you are in a situation where you need to sell your home within a particular time period, an auction is the perfect way for it as it has a set schedule. Auctions you know they are also ideal for properties with unique characteristics which can sometimes be difficult to put a price on. They are a more public way of selling your home and an effective means of reaching the masses.
Auctions really I guess are the best way to find out exactly what the market is willing to pay for your property. There is no ceiling price and they offer a formulated marketing program designed to get the best offers from buyers. The set date of the sale that builds momentum for you as the auction date nears and this can have a positive urgency effect on potential buyers and encourages them to act quickly and for this reason many properties are actually sold prior to auction day, but basically as buyers are encouraged to enter these pre-auction negotiations.
Another positive is that auctions generally have set marketing costs and schedules. So you are aware of what the cost will be upfront, there is no real surprises. And when you agree to sell your house at auction, you get the additional benefit of knowing exactly how many open for inspection days to plan for and these are controlled open house inspections and they minimise the effect on you and your family and how often you have to keep your house clean.
Houses sold at auction, they have a set reserve price based on detailed discussions that you have with your selling agent. This means there is no danger that you will sell your house for less than what you want and in fact the competitive bidding at auction can mean that there is no price barrier and in the event your home does not meet the reserve price that you’ve set, the auction process itself does identify the most likely buyers to negotiate with, once the hammer falls.
So yes definitely there are benefits to selling your house at auction and if you’d like more information about the process, how to get a loan, how to start that process, then give one of our consultants a call at State Custodians.
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