Often, the highest bidder will be given the opportunity to negotiate further, and the property will still be sold that day. Take a detailed a look at the pros and cons of selling via auction in detail here. When you sell your house via auction, there are costs involved to advertise not only your property, but the auction day itself. Marketing costs are commonly included in the agent commission rate. Get a more detailed view on advertising costs when selling your property here.
To discover the cost of auctioning your house, the best place to start is comparing real estate agents online. You can compare real estate agents here , including commission information, marketing strategies, sales history and independent homeowner reviews.
Get an indication of your likely real estate commission and fees here. The outcome of a house auction is wholly dependent on a real estate company's quality systems and agent competence. Find out how to compare agents and real estate appraisals objectively. The success of a house auction is heavily reliant on your choice of real estate agent and company, the auctioneer, their experience, competence and ability to guide you through the auction process with integrity.
Many auctions are done live online using video calls or other platforms which has resulted in many properties being sold site-unseen by ex-pats returning to New Zealand to live or people living out of the district and unable to travel due to Covid alert level restrictions.
Property auctions can be stressful and disconcerting so good communication by your real estate agent needs to be present throughout, from the time you sign an agreement to list to having a game plan in place if the property is passed in at the auction right through to settlement. Real estate agents may work with several buyers from near or far who have registered interest, making sure they are prepared and keeping them engaged through to auction day.
Agents should give you regular updates about buyers. In the advent of a pre-auction offer, they should skilfully use it to foster competition among the other buyers. Often vendors end up in negotiations with a buyer post auction after the property is passed in when the reserve price had not been met. Your real estate agent needs to be a confident negotiator, especially important for selling top end homes where hundreds of thousands of dollars can be at stake.
Our advice is that you use a vetted real estate agent with proven competency who will advise you wisely on the best method of sale for your location, property, condition and value. Marketing timeframe: Properties are advertised on average for weeks before auction day. This is usually determined by the property type you are selling such as a luxury home you are wanting to attract international buyers for, a lifestyle block or a development-zoned property in Auckland.
Auction day brought forward: If you receive a pre-auction offer and are happy with it, the auction day can be brought forward.
Such an offer would become the new reserve price and becomes the first bid at auction. Auction cancellation: The auction can be cancelled if a sale and purchase agreement is signed following a pre-auction offer.
Fees and timelines. Quick turnaround. Timelines vary, but auctioneers say they can usually promote and auction a property within 30 to 45 days of signing their contracts. A settlement might follow in another 30 to 45 days. Find your auctioneer. Get references and make sure the auctioneer has a current state license.
Are they experienced in selling real estate? Do they have an active website and advertising plan? Are they active in the Pennsylvania or National Auctioneering Association? Will the auctioneer see the sale through to the end, smoothing out possible problems and going to settlement with you? Unload the contents. Hardy said that sellers can prepare the contents for auction or her firms will do it for an hourly fee. Auctioneers can also take contents to their auction houses, where regularly scheduled auctions attract crowds of knowledgeable buyers.
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