Lemon Lettings & Sales

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Why Should I Sell My Tenanted Property At Auction?

• Auctions make selling tenanted property fast and easy.

• The whole process takes about six weeks. Most of that time is allocated to marketing the property in advance of the auction.

• Auctions are a particularly suitable way to sell tenanted property fast as it’s where investors, developers and property dealers go to buy. Your property has a captive buy-to-let audience!

• Tenanted property is now sold at auction on a regular basis as the results speak for themselves, and confidence in the process has grown. Vacant possession isn’t required. In fact, selling your property with tenants in situ means you get your rental income right up until completion.

• The longer it takes to sell a tenanted property, the more viewings there tend to be. This can disturb your tenants so much that they leave. You will lose the rental income, and the chance to sell to other landlords or investors as a tenanted property.

• There is no chain with auctions, no ongoing communications with solicitors, and no chance of the sale falling through. Once that hammer falls, there is no more negotiation, and no backing out.

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How Does Selling Tenanted Property At Auction Work?

First of all you get a valuation and agree the guide price and the reserve (the minimum you will sell for). Your reserve price remains confidential during the sale.

You choose a method of auction – in-room, or online. And whether you want to sell fast with an immediate exchange of contracts, or agree to exchange within 56 days.

You then choose an auction date. This is is usually at least 4 weeks away to allow for preparation of catalogues or other marketing materials. And, of course, to give time to market your tenanted property to generate interest in its sale.

In-room auctions take place on a specific day and bidding lasts around ten minutes. Online auctions can take place over several days.

If the property sells with immediate exchange of contracts, completion is usually set for no more than one month later.

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Will I Get Less For My Property If I Sell At Auction?

If there are no underlying issues with your property you can expect it to sell for at least the same price as you would get through an estate agent.

If more than one person is interested in the property a bidding war is likely. This can push up the price substantially. You may even achieve the best price for your tenanted property by selling it fast through auction. Many auction houses cite multiple lots achieving much higher prices than they were marketed at by estate agents.

You can set the minimum price that you’re prepared to accept. This mimics a regular estate agency scenario where the buyer offers less than the asking price, but you decide it’s worth it for a speedy exchange/completion and no chain. Which is exactly what you get at auction.

And if your reserve price isn’t met you can re-list later. Or negotiate with any parties who were interested after the auction.

As you can see, you really can’t lose with this great way of quickly selling tenanted property. If you want to know more, get in touch.

If you need to sell tenanted property fast, auction is the way to go. The whole process only takes around six weeks, and with Lemon Lettings & Sales, there’s no fee!