Selling your residential or commercial property on the traditional open market can be protracted, expensive and there is no guarantee a sale will go on to complete until contracts have exchanged, and exchange is right at the end of the process. To avoid this is it worth considering the auction route with Cardwells Estate Agents Bolton and Cardwells Estate Agents Bury?

Auctions are an exciting way to sell either residential or commercial properties and come with significant advantages

Advantages of selling at auction

• Speed, if you want to realise the property’s equity quickly, at the auction once the gavel has gone down the buyer has to pay a 10% deposit and exchange contracts. From there they usually have 28 days in which to complete.
• At the auction if there is more than one interested bidder the price achieved on the day can far exceed the reserve, the excitement of the bidding floor and the fear of missing out can push the price up.
• Don’t fear you can set a reserve price (a minimum below which you will not sell) to make sure you do not take a lower price for your property. If it does not achieve the reserve the auctioneer will withdraw it and look to relist at a future auction if that works for you.
• Once the hammer has been dropped, the property is sold, so buyers can’t back out at the last minute. If they do change their mind, there are legal procedures in place to protect you.
  If you don’t sell because your reserve price is too high, there is always the potential to negotiate with any interested parties after the auction has finished.
• No fall throughs, once the gavel has dropped the property has sold and exchanges contracts that same day, this stops the buyer backing out. Effectively the exchange here is at the beginning of the process unlike traditional private treaty sales where the exchange is very much near the end. If they were to pull out after exchange there are heavy penalties.

Carwdwells estate agents Bolton and Cardwells estate agents Bury can assist you in choosing the best route to sell your property, either traditional private treaty or via auction, please contact us on [email protected], [email protected], or via the website on cardwells71.propertysmash.com.