Selling a Property At Auction in Chesterfield

The No.1 Property Auction in South Yorkshire

Selling a Property at Auction in Chesterfield

Selling your property at auction can feel a little daunting if it’s something you have never considered before. Some people think that they will end getting a lot less for their property if they decide to sell at auction, whilst others may think that it won’t sell at auction at all.

However, if your property is right for auction there are many benefits to selling this way and, in Chesterfield, there are a significant number of properties available for sale at auction meaning it is an increasingly competitive market.

How do I know if my property is right for auction?

The first thing to do, when thinking about selling your property at auction, is to arrange a market appraisal. This is where an independent property expert will arrange a visit to your property and provide you with a valuation, and offer advice on whether your property would do well at auction.

If you have a property which is particularly run down, or possibly in an unusual location, or is somewhat less conventional, then you may find that you could struggle to sell in the traditional way via an estate agent. If this has been the case, then selling at auction may be the way to go.

Why should I sell my property at auction?

One of the main reasons people decide to sell their property at an auction is due to them wanting a quick sale. This could be because you’re moving away or even abroad, it could be a second property you want rid of, or it could just be because you want the money from the sale faster. Whatever your reason for wanting a quick sale, selling at auction could be the best way to do this.

When selling your property the conventional way, there is always a risk of the sale falling through during the process. However, once your property is sold at auction and the hammer falls, the buyer is required to pay the 10% deposit on the day of sale, then the other 90% is required to be paid within the following 28 days. This means that there is much less of a risk of a sale falling through.

There is a myth that, when selling a property at auction, you won’t receive as much for the property as you would in a traditional sale. However, this is not necessarily the case. If there are multiple buyers interested in your property, this can become a ‘bidding war’ and can increase the sale of your property significantly. This is where the marketing of your property with an auction house can come in useful, in gaining the maximum amount of interest in your Chesterfield property. If the reserve price for your property is not met, your property will just be withdrawn from the auction if you do not want to sell for lower, so that you will then have the option to relist at a later date if you wish.

How much will it cost to list my property at auction?

The fees to the auction house may differ, depending on who you choose as your auctioneers. This will usually be a percentage of the sale of the property however, it is worth speaking to them prior to instructing them as your auctioneers to ensure you are aware of their costs and fees.

You will also need to instruct a solicitor who will be able to provide you with all the legal documentation you will need, including the terms and conditions of the property sale. Again, this will differ depending on the solicitor, and what you will require them to do. For example, if the solicitor needs to be present with you on the auction day, this may become quite expensive to pay for their time. It’s good to find this out prior to listing your property at auction so that you are fully aware of all costs up front.

Can I sell my property before the auction day?

Once your property is listed as being available for auction, it will more than likely be listed in the auctioneers latest catalogue which is usually sent out to thousands, including property investors. Buyers are able to make bids for a property prior to the auction, so you may receive bid offers before the actual auction day.

When this happens, the auction house will advise you that you have received a bid for your property and will offer advice on whether or not they think you should accept. Majority of the time, they will probably advise not to accept offers before the auction day however, it is completely down to your discretion on whether or not you accept any offers before the auction.

Deciding to sell your Chesterfield property at auction can be difficult. There is always a worry that you can’t back out once the hammer falls and the sale has been agreed, that you might not receive as much for your property, or that you’re not sure of the process so you might get things wrong. But, when you deal with a reputable auction house, like Mark Jenkinson, the auctioneers will be there to guide you through each step of the process so you’re not doing it alone. The property auctioneers also benefit from you receiving a higher price for your property, so it is within their best interest to ensure you get the best possible sale for your property, and they will always offer their expert advice and opinions to help you along the way.

So, if you’re thinking of selling your property at auction in Chesterfield, get in touch with the team at Mark Jenkinson today; our experienced auctioneers are here to answer any questions and uncertainties you may have about selling at auction.

 

Latest News