BUYING - BUYING AT AUCTION
- Auctions are designed to achieve a sale on or before a deadline, thus bringing a focused intensity to the marketing campaign.
- This commitment to a deadline is an impressive demonstration to prospective purchasers of your intention to sell.
- The auction date generates a sense of urgency among purchasers, while still allowing them ample time to complete searches and obtain finance.
- The auction process does not disclose the price you are seeking. However, it provides an opportunity for the price to be bidded up by purchasers.
- The auction itself generates a sense of urgency as each potential purchaser can clearly see their competition. This encourages competitive bidding in which an above-market price can be achieved.
- A properly targeted auction advertising programme will saturate the market.
- The contract of sale is on your terms, therefore ensuring that all the terms and conditions of the sale are pre-determined.
- Purchasers know that if successful at auction, a 10% deposit is required upon the fall of the hammer and the contract must be executed forthwith. Once you have signed the contracts, the purchaser is locked in and a sale has been secured.