Key differences of selling at auction
Auctions are used to buy and sell many commodities not just property or antiques. It is a simple and quick way to buy and sell, where prices are determined on the day of sale and according to demand. Minimum prices are set, so there is no chance of selling below your specified minimum price, but there is no maximum. It’s all down to demand on the day.
If you are thinking of selling at auction, the key reason is likely be, not because you are desperate to sell at any price, but you are motivated and fully decided to sell and want to achieve your goal within a predetermined time period whilst still maximising price.
The average time from instruction to exchange of contracts is around 4 weeks, less than a half of the time for the UK average period through traditional Estate Agencies.
This means you will be more than likely “chain free” and have no need to link the sale with a simultaneous purchase. Remember when you are selling at auction, if there is a successful bidder, contracts are exchanged there and then. You will know the completion date to which both you as seller and the buyer have committed to. So if you are living in the property, you will need to commit to vacating by the due date. However the buyer too is committed, they pay their deposit there and then and there is no backing out.