Successfully Sold at Auction - Comfortably in Excess of Owner Expectations

Jeremy Richardson
13 minutes ago
2 min read

Following a complex beneficiary and probate scenario our clients followed our advice to the letter and achieved an outstanding sale price.

AGREEING THE PRICE STRATEGY

With several conflicting estate agent 'valuations' the owner of this house asked me to provide an accurate assessment and advise on how to achieve the best possible price whilst avoiding any chance of problems due to survey queries or chain delays.

Make sure the price is right...

The traditional estate agents all encouraged the seller to quote an over optimistic asking price - this often happens and is a key reason why around half of all properties currently on the market take at least eight weeks to find a prospective buyer. Indeed, around a third of properties have been on the market for more than three months and are still waiting to find a potential buyer.

The right price attracts serious buyers and multiple competing bids

The seller took my advice on how to secure the best price from a financially capable buyer. The quoted Guide Price was set to ensure plenty of interest from serious intending purchasers with plenty of viewings that ensured interested parties knew they would need to make their best offer to have a chance of securing the property. As a consequence, the sale price achieved was more than 25% higher than the seller's minimum acceptable figure and almost 10% above their actual target price.

Avoiding all the 'pitfalls'

The traditional estate agents all encouraged the seller to enter the 'minefield' of a traditional Private Treaty sale where pre-sale surveys often yield issues that result in requests for the price to be reduced or cause the purchaser to withdraw from the transaction.

Private treaty sales may also involve a chain of transactions. Each and every sale in the chain is also subject to potential survey issues along with problems or delays in raising finance, conveyancing queries and often just the whim of an individual within the chain whose actions or inaction can delay or cancel the entire chain of transactions.

Sale by Auction - the benefits

A sale by Public Auction ensures the seller remains in full control of the transaction.

Purchasers cannot delay the time frame and cannot ‘move the goal posts'. A pre-Auction Legal Pack deals with all conveyancing matters in advance and, since contracts are exchanged on the 'fall of the hammer', there are no concerns about any requests for a reduction in price due to survey queries.

Typically, a seller at Auction can look forward to a completion and receipt of their sale proceeds 28 days following a successful Auction sale.