Update January 2022: Due to the ending of the stamp duty holiday and its subsequent extension. Originally the stamp duty holiday was suggested as another incentive for buyers to buy via auction - securing a purchase quickly before the holiday ended.
Certain circumstances such as financial difficulties, or a sudden change in employment prospects, can cause homeowners to feel under pressure to quickly sell their property. And, for some, such urgency leads them to search for companies that buy houses directly from them, in the hope that they will secure a fast monetary return more easily than using a traditional estate agent, but that might not necessarily be the case.
There are many companies that promise to buy houses directly for cash and, at the same time, suggest they can complete the sale in a matter of weeks. They may add that it’s worth acting fast as prices will be going down soon, although often have no evidence to back this up. When you are feeling under pressure, this all sounds very tempting, but ultimately homeowners must be cautious choosing a company like this.
Whilst many of these companies claim that they will offer to pay thousands more than their competitors, that doesn’t bode well if you are getting far less for it than it is truly worth. Some companies can even drop the value at the last minute making the price offered even more unrealistic.
Homeowners can also be persuaded to sign paperwork quickly which prevents them changing their mind and stops them choosing to sell their property with anyone else. There’s even suggestion that some companies have tried to put restrictions against the title of a property with HM Land Registry and promote themselves as being regulated by a government body when they are not. Yet there are alternatives which homeowners might not be aware of, including selling by auction.
Through the modern method of auction homeowners can sell their property quickly and securely and at a price that's acceptable to them – with no threat of last minute reductions. There’s also the certainty that there are no fees payable and that, because potential buyers can bid on your property 24/7, there are fixed timescales of 56 days in place so you’ve got the chance to plan and organise your finances accordingly. In some cases property completions can be arranged within four weeks.
We’ve got examples of properties being sold in just days and achieving £000’s more compared to the original reserve price that was expected by the seller. There’s also the advantage that, should you receive an offer for your property before the auction has finished and the agent is notified, you can accept it – it’s up to you.
At Reeds Rains we offer the modern method of auction as an alternative to sellers and it’s proved really popular with many appreciating that our understanding of the local property market, our pricing and marketing strategy as well as our open approach to both sellers and buyers is more valuable than perhaps ‘empty’ promises that other companies may offer. It’s something definitely worth considering.
There’s more information about the modern method of auction on our website as well as information about selling your property or, why not contact one of our branches where our teams will be more than happy to discuss how they can help you in selling, bearing in mind your individual circumstances and needs.
Last updated on 26 January 2022