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Mon 17 May 2021
You may not have heard of online property auctions before, or perhaps you have and would like to know more. Either way, here at Andrew Granger & Co we have simplified the key features of online property auctions for you.
Properties sold by online auction don’t have to just be land or renovation projects, the process also works very well for:
· Unique properties
· Vacant properties
· Tenanted properties
· Where the property is difficult to appraise
· Where the property has been on the market for a while and is not selling via traditional marketing
· When the property carries a lot of equity
· Properties for renovation
· Land development opportunities
· Land between two neighbours
An online property auction can achieve the highest price possible for a property within a defined timescale – perfect for a quicker completion.
Selling by online property auction is a fair and open process for both the seller and the buyer, and also avoids the less favourable practices of gazumping or a ‘sealed bids’ Dutch auction.
An online property auction is a much quicker process for both parties as the property’s legal pack is prepared in advance and the buyer has 20 working days to exchange on the sale.
All buyers undertake ID verification checks and are approved prior to bidding, with a legally binding exchange occurring and a deposit paid online making this a trusted method of selling.
All online auction properties will still receive dedicated marketing, as a traditional property sale would.