REAL ESTATE AUCTIONS Our skilled sales staff and auctioneers know the market and will recommend sale by auction when they know that this method of sale will get the best result for your property. There are a number of advantages in selling by auction.
AN AUCTION MOVES FAST Once you have made your commitment, an auction program can be underway within 24 hours and actually staged within 6 weeks. With a fixed time frame, an auction means that you know you should sell your property on or near the date of the auction.
AN AUCTION WORKS TO A PLAN A set marketing formula is adapted to suit your property. Signboards, brochures and advertising are scheduled (with your approval) and co-ordinated by your First National Real Estate Mudgee agent to ensure maximum impact – always with a sense of controlled urgency.
AN AUCTION DETERMINES THE MARKET PRICE Because your property is marketed without a sale price, the auction method allows you to test the open market, thereby finding the market value of your property. The auction “atmosphere” creates a competitive spirit which generates the highest bid on the day of the auction. (Remember that your property will be subject to a reserve price – if bidding does not reach this reserve you are not obligated to sell.)
AUCTION SALE STAYS SOLD The auction contract is usually unconditional for the buyer – the successful bidder is obliged to sign to contract and pay the deposit (usually 10%) on “the fall of the hammer”. Contracts are actually exchanged on the day of the auction.
AN AUCTION GIVES YOU THREE OPPORTUNITIES TO SELL There are three distinct phases in sale by auction, each offering the chance to sell with a result that is agreeable to you:
Sales before auction – the competitive situation invariably induces offers from prospective purchasers before the auction. We will always submit these offers for your consideration. You are perfectly free to accept an offer prior to auction and execute an immediate, unconditional sale.
On the auction day – the auction itself is usually the time when your property will sell with the open bidding creating competition, often inducing that “little bit more” from bidders. Our auctioneers are experienced in keeping that competition going until the highest market price is reached.
After auction day - in the event that bidding at the auction does not reach your reserve price, you have now determined the realistic current market value of your property. We are then in a position to negotiate a sale with the genuine bidders and other parties.
If you are thinking of selling by auction, contact the experienced team at First National Real Estate Mudgee on 02 6372 3000.