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Benefits of Selling your Property at an Auction
Category News
There is a misconception that auctions are onlyfor properties that are under foreclosure or being sold by the lender or that auctions are a hunting ground for bargains. This misconception is steadily being corrected as more and more private individuals opt to auction their property as opposed to traditional real estate channels.
Here are 5 benefits of selling your property at an auction:
1) An auction can eliminate the lengthy negotiation process. If your property sells at auction, the buyer has to make a deposit immediately and is then required to secure the balancewithin an agreedperiod of time.
2) Auctions open up the market for a seller on a cash basis with qualified buyers coming fully prepared to make property investments.
The buyers at an auction need to arrange finance before they place a bid on a property, only serious buyers are placing bids.Auction sales are non-suspensive.
3) Properties are auctioned voetstoots, which means the buyer is buying the property "as it stands", defects and all.
The voetstoots clause is to protect the seller from any action by the buyer that may threaten the sale if any defects are discovered both parties were not aware of.
4) If your reserve price isn't met, any lower offer will solely be subject to the Seller's confirmation/acceptance.
5) Once the hammer has fallen, 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.
Investpro works in conjunction with national auctioneers In2assets Properties. Should you wish to take advantage of this strategically marketed selling mechanism, contact Investpro on 043 726 3116.
Author: Investpro
