There are many agents who will heavily promote the 'Auction' process for the sale of your home, but it is not a decision that should be taken lightly or without due consideration. We have dealt with many vendors who have previously had negative experiences with the 'Auction' process and been left out of pocket and bewildered by a process that offers so much but rarely delivers.
The downsides of the 'Auction' process are many and here are some for your consideration.
Prospective buyers often have to spend considerable sums for building and pest inspections and legal searches with a solicitor before they even get to the auction. This greatly diminishes the number of potential buyers for your property and explains why most of the audience at an auction are just lookers anyway.
Many investors prefer to buy properties through the 'Auction' process as they know that they can usually buy them cheaper than through a Sale by Negotiation. Remember that at an 'Auction' they only have to bid one bid higher than the last bid to win! Often the buyer would have been willing to pay more for the property if they needed to, but the 'Auction' process failed to get the best price for the vendor.
Often those agents who promote the 'Auction' process require the vendor to pay huge advertising costs up front for the 'Auction', and don't forget the fee for the Auctioneer as well. These costs are payable whether or not the property sells and often leave vendors out of pocket and disappointed.
Another downside about the 'Auction' process is that it is carried out totally in the public arena,'for all the world to see' and if the property is not sold this often devalues your home in the sight of prospective buyers.
At Kevin Manning Real Estate we do not recommend 'Auction' as a process for selling your property. Our experience has proven to us that we are able to get a higher price for our vendors through skilled negotiation