Going, going, gone…why an auction could be the best way to sell your property

Robinsons’ co-director Simon Wright says: “The modern-day method of selling by auction is definitely to the advantage of the seller. Unlike selling through the ‘shop’, with Robinsons there are no estate agent fees to pay.

“In addition, once the gavel has come down on the sale, the property is sold – there’s no pulling out by the buyer who will have already had their survey and investigations done.”

It is also advantageous for the person buying the property, as once their offer has been accepted, the property is theirs. They cannot be ‘gazumped’ by someone coming in with a higher offer.

Simon says: “The auction has become another important arm of our business, because there are clearly more people who see auctions as a good way to achieve a quick sale at the right price. It is a particularly good route to choose if you want a quick and secure sale or don’t have a clear idea about a property’s worth.

“Auctions are a great way to find the right level because you are on the open market,” he explains. “If, for example, you have a particularly unusual property –perhaps a one-off – an auction can be the best way to establish the true value.”

“Alternatively, if life circumstances require you to dispose of a property quickly, then auction is certainly worth serious consideration”

Houses which might have major structural problems and are, therefore, not mortgageable, can still be sold at auction.

The company manages both online and physical auctions under the banner of The Great North Property Auction, in the North-East, holding regular physical auctions at the Riverside Stadium, Chester le Street.

Jamie Cooke, managing director of IAM Sold, has the following advice for anyone considering selling a property by auction:

Make the right choice

Be sure to choose the right method of auction to suit your property and your circumstances. There’s the traditional method where contracts are exchanged immediately. That method tends to attract more cash buyers for swift sales but you can limit the market; there is a greater chance of an impact on price; and you have to be ready to vacate the property quickly. The other option is the “Modern Method of Auction”, which allows 56 days for exchange and completion to take place.

Get real

Be realistic on your reserve price. For example, if you are willing to accept a minimum of £100,000 don’t make the reserve price £120,000. By making the reserve realistic at £100,000 you have more chance of stimulating the market, attracting more bidders and, hopefully, getting the best possible price.

Know what’s required

Read and understand the obligations of all parties by reading the terms and conditions carefully. What are your obligations as vendor? What is expected of the buyer? And what will be provided by your agent? With IAM Sold, care is taken to make sure all the terms and conditions are very clear and easy to understand.

Simon has no doubt that auctions have an increasingly important place in the property market.
“Selling by auction can be really exciting because of the cut and thrust of seeing how much is going to be bid,” he says. “People may be familiar with the BBC TV programme, Homes Under the Hammer, which gives a real sense of that excitement and unpredictability. We’ve had properties go for £20,000-£30,000 above the guide price so you never know what might happen.”

AS one of the North-East’s most trusted estate agents, Robinsons takes pride in being a one-stop shop, helping those looking to buy or sell a property.

Robinsons has offices all around the North-East, in Darlington, Middlesbrough, Stockton, Ingleby Barwick, Bishop Auckland, Crook, Spennymoor, Durham, Chester-le-Street, Hartlepool, Sedgefield and Coxhoe, with Fine & Country based at Wynyard.

Make Robinsons your first port of call if you’re thinking of selling, or are looking for your next ideal home.​

http://www.robinsonsestateagents.co.uk