When it comes to selling a property, there are always many challenges that we must consider before being able to dispose of it hassle free. Of course the questions we ask ourselves, more often leads to our disadvantage. Price wars as well as how desperate we really are in selling, doesn’t help do justice to us either. In other countries in the world today, sellers have opted out of the typical and traditional way of appointing numerous agencies to help sell their properties. So how do they sell?
Well, AUCTION. It may be new in Malaysia, but through the way of auction, the auctioneer/firms acts as only one agency managing the sales of the sellers property, faster, higher and hassle free. Auctioneers today have huge network of agencies which they work closely with, thus eliminating the need for sellers/owners to have to deal with so many agents at once. The Auctioneer Firm even pays these agents a fee on the owner’s behalf to help match the particular property to a few keen and potential bidders. Want to know more of how we can help? Call us now at 017-4006661 (Penang) / 017-4076661 (Kuala Lumpur).
Meantime, here’s an article of how auction has transformed the way UK auction houses have helped to make Auction an answer to sale and even overcoming challenges in selling properties. Article published by www.henleystandard.co.uk.
-Start of Article-
SOME properties can be challenging to sell, but Romans auctioneer SIMON CLAYTON (pictured below) explains how selling at auction can provide a solution in a number of scenarios.
Power of attorney
When selling property for a relative to pay for their care using power of attorney, many find that auctions are the best method thanks to the fast completion times and certainty of sale. With properties that require modernisation or a fast sale, or both, auction is a much better fit than a traditional sale where buyers expect a higher standard of property and timescales are often longer.
Requires renovation or modernisation
If the property you are selling is dated or requires some renovation work, you may find you have more success selling via auction. Typically banks and lenders won’t provide a mortgage against a house that is not in a habitable condition and so many of these properties end up in an auction room. At auction, properties requiring renovation prove popular with investors who are willing to do up property in order to resell or let for a profit.
While not always a problem, if you have existing tenants living in the property, it can make your property harder to sell due to a more limited market and so many landlords choose to sell their property via auction to other investors looking to gain a new property and stream of income.
Settling an estate
If you are an executor selling the property as part of a probate sale, you may find selling through auction easier than selling via traditional sale. Not only does selling via auction help you demonstrate that the best price has been achieved in a transparent environment, you also have the added benefit of a speedy sales process.
Need for speed
Unlike traditional sales, auction sales complete just 20 business days after the auction. On the day of the auction you have the certainty that contracts are legally exchanged at the fall of the auctioneer’s gavel. Compared with traditional sales, there is a great deal more security that the sale will not fall through.
If your property has any structural problems such as subsidence, uneven floors, bulging walls and cracks, that have worsened over time, you may struggle to sell. However, many investors recognise that structural problems are often minor and once the repair bill has been paid, there are plenty of returns to be made by either renting or selling the property.
Source of original article: (www.henleystandard.co.uk/news/property/128314/selling-at-auction-can-be-a-problem-solver.html)
–End of Article–
For more information and to view some of our properties listed in the auction, visit www.best2bid.com/Auction or alternatively call us at 017-4006661 Penang / 017-4076661 Kuala Lumpur