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5 reasons to place your home on Auction

5 reasons to place your home on Auction

by | Oct 4, 2011 | Featured Articles, Home ownership, Property Auctions

property auctionWhy would you sell your property on auction? Many people are unsure as to the reasons to auction property. Here are some reasons to do so:

  1. Time is money: Placing your property on auction means that you are serious to sell; it also means that you will attract buyers that are ready to purchase. Property auction is a fast way and definite way to sell your property.
  2. Set price and terms and conditions: A seller is in a position to sell for the price they require. They decide what price they want to sell their property. Terms and conditions of the seller are clear. This means that the seller is in a position to demand what they require.  The conventional way to sell property with an agent implies that the purchaser decides the price. The property is often sold at a lower price then the initial selling price.
  3. Choosing the right auction firm: You decide which auction firm is suitable to sell your property. Established auction companies have an existing and large database of potential buyers. This is beneficial to you as it increases the potential to find a purchaser.
  4. Money in your pocket: After the property is auctioned the money is received by the seller at final closing. It is a fast way to ensure that you get paid straight away.
  5. Paperwork signed and completed: To auction property is legal and binding. An auction contract is set in place before the auction. Once the hammer is down it is confirmed that the property is sold.

Property auction is suited to reach a target market aimed at selling your property to keen purchasers. Experienced companies illustrate a detailed marketing plan to sell your property. Potential buyers visit the property prior to sale. It is wise not to accept any offers prior to an auction because you could lose out on a good bid. In most cases property is sold for a price higher than expected by the seller. This is another reason auctioning your property is a good idea.

Throughout the years auctioning property has become popular because it is a sure way of selling your property at a set time and place. The seller determines the price and professional auctioneers will assist you should you be uncertain of the market and your property value.

Research your options and find out what costs are involved before you agree to an auction. Make sure that you have a realistic idea of what you require. Another reason auctions can guarantee the sale of your property is because buyers are eager to purchase. They bet against each other which raises the opportunity to sell for a higher price than you wanted.

If you are ready to sell and eager to sell then auction your property.  Interested and keen buyers are waiting for opportunities to purchase property.

Property Auctions get new regulations

Property Auctions get new regulations

by | Mar 22, 2011 | Featured Articles, Property Auctions

Property Auctioneer

Property auctions have long been said to be solely for experienced property investors that have a good knowledge of the Auction system and not for those simply out there looking for a good buy. The fact is that at every auction there are plants or schill bidders ready to make a bid in an attempt to drive the price up but with new regulations, the property auctions may be a very viable venue for would be home owners to buy a property.

Here are a few things that a would be buyer at an auction needs to be aware of.

Prices exclude the auctioneers commission and it is essential that you take this into account when bidding.

Auctioneers who sell property need to be members of the Estate Agency Affairs board

You are bound to a bid at auction and should have your finances in order, be it a bond or other finance. Should you fail to get the required financing you could find yourself liable for the commission at the very least.

Be aware of the schill bidders and try to identify the real bidders.

Never get caught up in the heat of the moment, auctioneers are very skilled individuals that are able to create hype in order to drive up the prices.

These are just a few of things to look out for before you start bidding and should always do your research on the area by looking through the properties on sale in the area, finding out what the rates and taxes are for the area, check the proximity to schools and shopping centers and doing a good drive around the area in the weeks preceding the auction.

Property Auctions have never been regulated before and the new regulations are aimed at making the auction industry more accessible to the man in the street and not just for experienced property developers. The fact is that the banks are repossessing a lot of residential property which invariably ends up on auction.

Buying property on auction is a very good way to build a valuable property portfolio and by using your current bond to finance the deposit or entire purchase is an excellent wealth builder.