In the current climate, with property fall-throughs at a high, Wilsons Auctions can offer surety to private vendors by offering its route to sale.
Wilsons Auctions can offer private vendors across Northern Ireland an alternative route to sale which can mitigate the risk of the sale falling through.
Incorrectly seen as the last resort for selling property, offering your property under auction contract can prove to be the opposite, as it gives surety to the vendors and buyers of a successful outcome. There is also a misconception that a property will be sold at any price at auction, however a property will only be sold if the bidding meets or beats the reserve price agreed with the vendor.
Both parties will be bound by the sale and the purchaser will show their commitment by paying a 10% non-refundable deposit and exchanging contracts with a fixed completion date within 28 days.
As a result of the current climate within the property industry, it is estimated that fall-throughs on property sales is currently at its highest in the UK. However, property auctions can offer private vendors a fixed and short completion giving them confidence in times when they are in need to sell.
Speaking of the benefits of selling at auction, Wilsons Auctions Land & Property Corporate Services Executive, Dave Pennick said, “There are many benefits to selling property under contract at auction, namely the immediate exchange of a binding contract, a 10% deposit paid by the successful bidder on the fall of the hammer, subject to meeting the reserve price and a fixed completion date. This reduces holding costs and assures a property will be sold at market value, with no risk of falling through.
“Our experience is that properties priced appropriately and entered early into the auction cycle, with legal packs available well in advance of auction day, allowing us to provide focused marketing and facilitating viewings. Generally, properties receive strong pre-auction interest, sometimes pre-auction offers which are reported to the vendor, or sell in the room. So, I would encourage private vendors who are in want to sell their property to make the most of our free valuation and get in touch,” he concluded.
Wilsons Auctions Online Land & Property Auction in Northern Ireland takes place on the last Thursday of each month. It is part of Wilsons Auctions’ group-wide Land and Property Department offering auction solutions to buyers and sellers across the whole of the UK and Ireland, hosting up to 60 property auctions annually.
Wilsons Auctions can manage a wide range of land and property, providing an all-round, hassle-free property experience from start to finish. From valuation to instruction, organising viewings, handling deposits, liaising with solicitors in preparing and distributing the legal packs to marketing, advertising and conducting the auction. All property auctions are online with a live virtual auctioneer, allowing bidders to access the auction from any location through Wilsons Auctions online LiveBid auction facility.
Wilsons Auctions has grown to become the largest independent auction company in the UK and Ireland with sites in Northern Ireland, Republic of Ireland, England, Scotland and Wales.
For further information on Wilsons Auctions Property Auctions Click Here or follow us on Facebook @wilsonsauctionsltd or go to @wilsonsauctions on Twitter and Instagram.