Auctions are becoming more popular in Western Australia.
They’re a great way to sell your property if you’re looking to sell quickly, as there’s a clear timetable set. It’s usually 28 days. And on many occasions the sale price exceeds the vendor’s expectation due to the competitive nature of the bidding on auction day.
The secret to a successful auction is a well-planned and coordinated marketing campaign in the weeks leading up to auction day.
The benefits? As a seller, you won’t have to deal with ‘subject to’ offers. When a property is sold at auction, the buyers have to pay a large deposit immediately – and then comply with your terms to complete the sale. As soon as the auctioneer’s gavel falls, you get a commitment to buy. So there’s no waiting for finance to be approved, no waiting for another property to settle and no waiting for the outcome of a termite or building inspection.
The downside? As everything in life, even an auction sale is not a certain thing. Although an auction-generated contract of sale is unlikely to fall over, your buyer may still fail to meet the completion date. In our experience though, this is very rare and we always do our best to provide plenty of info to potential buyers on the terms and conditions of the auction.
If you’d like to learn more about selling by auction, we have an awesome 6 minute video that takes you through all the particulars!