Ready to sell your property? Make sure to consider your options
If you’re considering selling your property – one of the first questions to ask yourself is whether you are aware of all of the choices available.
Secondly, it is important to have an understanding of your own goals, requirements and any special circumstances surrounding your need to sell.
Did you know there are several ways to sell your property other than the traditional private treaty method?
The traditional sale of a property
The traditional method of sale – which can extend over 100 days – includes several different sales milestones:
- Property advertising and accompanied viewings
- Acceptance of the offer
- Searches ordered
- Searches returned
- Enquiries satisfied
- Exchange of contracts
- Completion 2 weeks thereafter
It is a great route to explore if you’re looking for more time to achieve the best sales price and can work to a more flexible timescale.
The traditional method of sale VS Selling at auction
| Private Treaty | Modern Method of Auction | Traditional Auction |
|---|---|---|
| Traditional method of sale | Security – buyer fee | Security – Legally bound to complete |
| Flexible timescales | Speed – 56 days to completion | Speed – 15 working days to complete |
| Sales process – 100+ days | Buyer pay fee | Limited buyer pool may impact price |
| Higher ‘fall through’ (30%) | Low ‘fall through’ (5%) | 1% chance of fall through with vendor retaining the buyer deposit |
| Less pressure | Commitment to timescales | |
| More time to achieve best price | Less time to achieve best price |
Selling your property at auction
Is the speed of sale important to you? Would you like to see more buyer commitment to timescales? Is it important that the buyer has a legal obligation to complete the sale?
If you answered yes to these, then it may be worth exploring the modern or traditional method of selling at auction.
With advantages to sellers including competitive bidding to drive prices up and a wider audience of potential buyers, the sales process via auction is much quicker and more efficient.
Whilst at auction there is no guarantee your property will sell and you may need to accept a lower price than you were hoping for, we would always encourage a discussion between the seller and a trained property professional or auctioneer specialist to consider your options.
If – like many other sellers – you would like to discuss how to sell with more certainty, transparency, or urgency -please do reach out to the X1 team and we are more than happy to arrange a no-obligation phone call to help you understand the best solution for you!
