5 Myths about Selling a Property at Auction – Explained

We explain and debunk the top 5 myths about selling a property at auction

We are selling a wholeeee load of properties recently.

These range from new, top-of-the-shop properties, to ones that need a bit of TLC, and ones you’d expect your average Joe to live in. 

Whilst there is a lot of interest in our properties and this upcoming way of selling - there are a lot of myths that have also started popping around. Some are believable but some are so far from the truth, we would need about 2748 days and 41 cans of Red Bull to get there.

We wanted to de-bunk these myths about auction sold properties and to inform everyone of the modern online auction process we run at Smart Auction UK and make you feel at ease when selling your property with us.

5 most common myths about selling a property at modern online auction:

Only Dilapidated and old properties are sold at auction

Your first initial thought may run to “Homes Under The Hammer” and the awful state that some of these properties have been allowed to deteriorate too. Ones that people would be scared to enter, in the fear that a bathtub may fall on their head from the water damage caused in the floor above.

This is simply not true. We have sold properties that range from: new builds, to your great-great-grandma's house, and the whole spectrum in-between. In actual fact, 90% of the properties we currently have on our books are occupied by the owner, or rented out, and are in clear liveable condition. 

Click this link to have a look at the current properties we have advertised on auction. You may be surprised to see your neighbours house on there.

I will have to sell for a lower price at auction than in a private sale

We will not pressure you into accepting any offers or bids that you are not happy with. You are the driver, and you make the ultimate decision of how much you sell your property for.

We have experienced valuers that will be able to assess your property and be honest about its value and what money you could expect to sell the property for.

We speak and mutually decide on a secret reserve price that you would be happy with selling your property for. This price will be reasonable that you will be happy to walk away from the property for. This price is only known to us and you. This secret reserve price will not be shared with any potential buyers or any of our estate agents we work with.

Once your property is live and the bidding starts, it can often slow work its way up to the reserve price and even higher! 21% of our properties have sold for over asking price.

It will be more expensive and stressful for me

Many people associate auctions with a whole load of fees, fees and even more fees. They also associate it with huge stress and fast action with not much time to think rationally about their decisions.

Whilst some auctions may charge you to sell your property with them, here at Smart Auction UK, it is absolutely free to sell your property with us. We charge fees to the buyers for buying, so you can rest assured that we will not charge you a penny. The only fees you will need to cover will be your solicitor fees.

With Smart Auction UK, we make the process as stress free for you as possible. We are with you along the whole process and are always on hand to speak and chase any loose ends that may need help with. We do the stressing for you, so you can put your feet up.

No one will look at auction to buy so I won’t sell my house

You may think that people steer away from auctions, but this could not be further from the truth in the current times. Buyers, investors and people with money sitting in their bank (lucky buggers) are increasingly picking auction as their top choice when buying properties.

In terms of marketing your property, whilst we do advertise your it widely online, with our partner estate agents, your neighbour’s fridge, our advantage really is our vast network of national and international investors, and the property can be snapped up fast that you can say supercalifragilisticexpialidocious.

You will have to attend the auction on a specific date and place

Nope. This is not needed with us at all. Traditional auctions will see you attend on a specific date, at a specific location, and only those present on that day will be able to put bids in. and at the end of the day, you only have the choice to take it or leave it, no matter the bid offered. Sounds pretty limited right?

With Smart Auction UK, we actually operate in the 21st century you will not need to leave your house (yet) and will be able to track the live auction on your phone at whatever location and time you wish. With us, we give opportunity for multiple auction cycles, which give you the best opportunity of securing the money you want.

Oh and did we mention this is all online? I think so, but we are just repeating it so you know you can be there along the whole journey and get excited as you see the bids flowing in.

With this wide global spread, you have the biggest opportunity for someone to swoop in, offer you a great deal and you can both walk away happy.

Conclusion

We trust that this answers the most common myths about selling a house via modern online auction, but if you are left with any more questions, unanswered myths or beliefs – give us a ring and we can clear it all up for you!