If you want to sell a property, you may want to do so as soon as possible to move into a new place. You may have heard that auctions can be swift affairs and may help you to achieve your goal in a shorter amount of time. But as with anything else, there are pros and cons associated with auctions versus private sales, so what do you need to consider as you try to make up your mind?
To stage an auction, you will need to bring in a professional auctioneer (and that may involve some added costs). The event itself can take place at a rapid pace, but you may be able to get a higher price than you would otherwise expect. Auctions are structured to create urgency, pushing the bidding forward and potentially driving the price up. However, no cooling-off period is involved, so contracts will need to be signed then, and the buyer will have to put down a non-refundable deposit. This should, nevertheless, lock in the sale. Remember that you will have to set a reserve price before the auction begins, but the sale will be consummated if the bidding goes past that.
Of course, you may not get sufficient interest, or the bids may not pass your reserve. Auctions like this tend to attract curious people who may not have any intention of buying but are just interested in seeing what the property goes for.
If you sell privately, you may actually be able to achieve your goal in a shorter amount of time. This is because you may have to wait some weeks after advertising the property on the market before the auction can actually be scheduled. It's possible that a motivated buyer may come along on day one and want to make you an offer you can't refuse. Just remember that there is a cooling-off period with private sales, so the buyers do have time to change their minds should they wish. The sale particulars may also be more private, which is not the case in a public auction.
Working with Experts
As you can see, there are pros and cons associated with each approach. Make sure you work with a professional conveyancer and ask them for their advice. Whichever method you choose, they'll ensure that the paperwork is always in order and that the proper procedures are followed at all times.
For more information about conveyancing, contact a local company.