Auctions - just another way to sell your home.
When people see that a property is for sale at auction, they typically think:
- It must be run down and need renovating
- It must be a repossession
- Both of the above
But there is also an option that you might not have considered: that it is just another way to sell your home.
We are all familiar with the preferred process of selling a home in the UK: you find an agent, they take photographs, and prepare a floorplan and property details, they market your home locally and nationally via property portals, they may accompany the buyer on viewings, like we do, they negotiate a sale prices with a buyer, and then you go through the sales process, which can take around 12 weeks.
But just because this is the norm and how we have done things for generations, that isn’t to say that this is the only way to sell your home.
Have you ever come across property raffles? We know a couple have been highlighted in the national press. A property raffle allows you to buy a ticket for a small fee, sometimes around £2 - £10, and then when all the tickets have been sold, a lucky number is chosen and the winner wins the house.
Although the idea of raffling your home is slightly radical, auctioning your property is a normal sale process in other parts of the world. For example, if we take a trip to Australia, selling at auction is common practice; after an approximately 6-week marketing period, which includes open days, the property is auctioned off to the highest bidder. The auction tends to take place at the property itself, adding to the drama of the day.
This is the case for a mansion in Lancashire, the owner Mr Low states on his website http://www.winacountryhouse.com. “After lovingly renovating our house between 2011 and 2012 we have struggled to pay the mortgage, and have tried but failed to sell the property through traditional routes, and we would like to avoid repossession.” Mr Low is not the only one taking this route; only recently, another home near Greenwich Park in London made the headlines when it was discovered that it too was being sold via a raffle.
So, even though in some countries selling at auction is commonplace, in the UK it is not something most people consider. Selling your home at auction is not for everyone, or every property, but it is worth doing your homework to see what the experts think. Selling at auction is a faster process, and can take as little as 5 weeks from instruction to exchanging contracts.
For more advice on selling your home at auction, contact your local branch.