Why Sell Property at Auction?

Why Sell Property at Auction?
Mar 19 , 2021

Quite often people perceive an auction sale as being the last resort but, it ought to be the first method of sale.

We are seeing an increased number of Vendors deciding to sell in an auction due to the speed and transparency of a sale. Therefore, Opal Property Auctions operate the only 24/7 5-day live auction.

The traditional Private Treaty sale is the most common method of residential property sales in the UK. However, it can be an inefficient solution for vendors looking to complete their property sale quickly and securely. The status quo has left vendors confined by limited, slow and unreliable methods to sell their properties.

This is far from ideal for vendors selling a property due to changing life circumstances. The ‘Modern Method of Auction’ (MMOA) provides an alternative for these motivated vendors and gives them the opportunity to sell their property in a transparent, secure and speedy manner.

A significant number of Estate Agents and Auction Houses are now selling properties using the MMOA, which combines elements of Private Treaty and Traditional Auction.

The MMOA provides speed, transparency and security of a Traditional Auction but with extended timescales that allow mortgage and first-time buyers to engage in what used to be a cash only environment.

The fixed timescale of the MMOA opens auction to residential buyers, creating a larger more competitive marketplace, which drives significant levels of exposure, interest and activity.

Selling in a live auction offers piece of mind to vendors that there can be no renegotiating on a price once a sale is agreed and if a buyer fails to complete, they will either lose their reservation deposit and Buyers Premium or they will face legal proceedings.

Selling a property at an auction is ideal if you wish to remove the uncertainties and frustrating complexities of a normal private treaty sale with 1 in 3 sales falling through.

A sale in our live auction demonstrates the best possible price has been obtained, considering the current market conditions and the position and repair of the property.

The benefits of selling in our 24/7 online auction are:

  • Achieve the best possible price

  • Speed, efficiency and transparency

  • Global audience of buyers

  • If you are a landlord sell with tenants in place

  • Exchange of Contracts within 28 days Complete with 14 business days after exchange

  • We operate on a no sale; no fee basis so there would be no fees to pay if your property doesn’t sell!