Auctioning your Coventry Property

Buying a home in the current market seems to have come to a head with continuous inflation and the remaining ramifications of the cost-of-living crisis deterring local residents. The traditional seller’s market has been difficult to navigate and for those looking to get a property off their hands in a swift and simple manner, it’s easy to feel like your options have dwindled. However, auctioning is a speedy and secure avenue that you can take to sell your property and if it isn’t something you’ve considered, have a look at what it entails and why it could work for you.

The Process of Modern Auctioning

Once you have found a suitable agent, local to the Coventry area and that you believe is equipped to market and sell your home via auction, they can then submit you and your property’s details to the auction provider’s system, which will then enable them to conduct a desktop valuation and provide a guide price. This will be one of the more prominent factors in securing a sale, so it’s important to liaise with your agent on a suitable price that can also enable higher bids.

Your agent and their auction house will discuss pricing and strategy, and once you, the vendor, are content, contracts can be discussed and signed.

Following this, the property is marketed to reach as many people as possible and viewings will be conducted. People can then place their bids which are available to view online, in real time, through the auction house’s website.

Once the highest bid has been accepted, a reservation fee can be paid by the buyer to secure the purchase, and at this point solicitors are instructed, as the property becomes Sold Subject To Contract (SSTC). This initiates the conveyancing process in line with agreed completion timescales.

Benefits

The ease and speed that this method offers has an appeal that is incomparable to alternative routes of sale. The national average time from accepting an offer to completion is 135 days through private treaty, but through auction, this can take less than half the time.

Not to mention the security that a non-refundable reservation fee provides as it solidifies buyer commitment, and no doubt contributes to the lower fall through rate that property auction sales have.

A common misconception is that auctioning is only for low value properties and that vendors do not make a lot of money selling in this way. In actuality, with bidding, there is no ceiling price as the market decides the worth of the property, which can allow for offers higher than the guide price and mean you take home a suitable amount for you and your property at no extra cost to yourself.

All offers are available to view 24/7 online, creating an added level of transparency between the buyer and seller, another factor in why this route has become so appealing for buyers in Coventry. As an added bonus, mortgages can still be utilised with the modern route of auction, which traditional auctioning doesn’t facilitate. This means there is no limit to the buyers that you can attract and provides you with a wider market to sell to.

Suitability

There will be people that won’t suit this method and it is important to assess whether your property and your personal circumstances make you a suitable candidate for property auctioning. This route of transaction is more likely to work for those who:

• Want speed
• Want security
• Recently divorced
• Have rare properties
• Have probate properties
• Want viewings
• Are relocating
• Have high demand properties
• Have aborted or fallen through sales
• Are selling to buy dream homes

Considering the simplicity and speed that selling by auction offers, it’s unsurprising that many people in not only Coventry, but also nationally, have been opting to sell in this manner. With the market in an indefinitely unpredictable state, confidence is an invaluable emotion that auctioning allows in place of that all too common daunting feeling that can accompany putting your property on the market. If this is an option that you hadn’t pondered, or even been aware of, check in with your local agents and evaluate your options, to do what’s right for you.

Maya