| At auction, property sales can be quicker and more | | | | what it's worth |
| profitable than selling through other methods such as | | | | Auction cons: |
| an estate agent or private sale. Of course, that's the | | | | - The sale is final - while you should set a reserve |
| best case scenario and it's useful to assess the pros | | | | price you're happy to accept, if the bidding only just |
| and cons of property auctions and selling property on | | | | reaches it you can't change your mind * Bad luck - if |
| the open market. How you sell your property depends | | | | your property doesn't sell in the day, it will be |
| greatly on your individual circumstances as well as | | | | disappointing and you'll have to try in another auction |
| personal preference. | | | | which would delay the sale and cause frustration |
| Auction pros: | | | | Open market cons: |
| - Sale is final - the winning bidder can't back out, which | | | | - The sale is 'subject to contract' - once you have |
| means you won't be gazumped * Bidding wars - there | | | | received an offer on your property, the sale isn't |
| may be two or more people who really want to buy | | | | guaranteed until the contracts have been signed which |
| your property and enthusiastic bidding against each | | | | means the buyer can pull out |
| other can lead to a high sale price * Quick sale - an | | | | - The estate agent - some are great, some aren't. If |
| auction sale is not 'subject to contract', so you'll get | | | | you're unlucky and end up with one who doesn't |
| your money quickly * Lots of potential buyers - | | | | market your property well or enthuse potential buyers |
| hundreds and even thousands of people access the | | | | enough, this could affect your chances of finding a |
| larger auctioneers' property database | | | | buyer and/or getting a good price |
| Open market pros: | | | | - Limited marketing - while the internet has |
| - The property is on the market for an indefinite time, | | | | revolutionised the housing market, not all estate agents |
| which means longer to find a buyer willing to pay the | | | | use it as effectively as a marketing tool as some |
| price you want * Bidding wars - this can still happen if | | | | auction houses, and this reduces the exposure your |
| you have more than one person interested in buying | | | | property will get |
| your property * Professional valuations - before you | | | | At both estate agents and auction property sales can |
| select an estate agent, get valuations of your property | | | | go either way, so use the method you're most happy |
| from several of them. The valuations you get may | | | | with and think will be best for your situation. |
| vary slightly, but you'll be able to get a good idea of | | | | |