Why Sell Your Property At Auction

Here’s why so many selling their properties at auction:

1. You can achieve the best price
If your property has the right mix of attributes (i.e. a great location, the possibility to improve and the potential for great rental yields), you just might achieve a higher price than you expected.

Auctions are competitive by nature and require quick, instinctive decisions and when there are more potential buyers for a property – this may drive the price up.

The whole point of entering land and property into an auction is not to find just one potential buyer, but to find several all at the same time and then allow them to bid competitively and transparently to achieve the best possible price.

2. You can complete on the sale of your property within 20 business days
You may be in a situation in which you need to sell your property quickly. For example, you may be relocating for work, downsizing or in need of access to funds to address other personal matters.
In this case, an auction is ideal as exchange and completion MUST happen within a predetermined time frame. You’ll effectively exchange contracts on the day of purchase and the completion date can be in as little as 20 working days.
If not, the buyer may lose their deposit or incur fees and penalties, giving buyers an incentive to move quickly.
If you’ve ever sold a property in Cambodia via an Estate agent, or through a third party you’ll know that the process can take months – and that is if your sale doesn’t fall through the first time. In fact, the average sale takes around 25 weeks

3. You can sell with certainty
Have you ever sold your property, had an offer accepted on your dream home and progressed all the way to exchange of contracts before the sale falls through? Somewhere along your chain, a buyer has had to pull out – leaving you in the lurch.
This frustration is avoided with the auction process. Once a buyer commits to bidding on a property and the reserve price is met or exceeded they’re legally obligated to complete the purchase.
As the sale will happen on a definite date, you can safely make plans without the fear of a looming disaster and a failed sale.

4. Auctions have a high sales rate
According to global survey’s there’s an average success rate at auction is as high as 75%-80, meaning there is a very high chance that your property will successfully sell or you will have at least a offer if it’s under your reserve price to complete later

Traditionally, a non-auction seller may be waiting for months to find a suitable buyer. As a comparison, it’s reported that traditional agents sell only a % of what they market and leave them on there books for a long time un noticed

5. High Transparency
Due to the open nature of auctions, the process is very transparent, with a lower number of ‘middlemen.’ The traditional process of selling your property with the correct conditions of sell can be quite covert and secretive.
For sellers, you may never know how many people are interested in your property and for buyers you may not be privy to how many other buyers you are competing with.
When you sell a house at the Cambodian auction, everyone can see when someone is bidding and the amount they are bidding. You’ll be able to keep track of exactly how bidding progresses.

6. There is a buyer for every type of property
Auctions are ideal when you have a property that is unique or difficult to value, or one that appeals to a broader audience than, say, your local estate agent is able to offer. For example, www.seaps.asia
Sell all property related and items this also extends to the condition of your property. An auction property may have fire damage or be in need of complete renovation, or have a issue with neighbors or planing as long as it’s mentioned in the conditions of sell and is clearly accepted by the buyer when the hammer called it’s contractually a legal sale the buyer must complete which may seemingly make the difficult property to sell easier.
However, we’ve seen that there are buyers for every type of property regardless of the condition of the property stated in advance buyers interested are advised to do there own diligence before bidding.

7. You can set a reserve price
We’re often asked whether the property will end up selling for significantly less than expected. This is never a concern as your property will have a previously agreed reserve price.
A reserve price in a property auction is the minimum price that you, the seller, are willing to accept for the property being auctioned. This price is typically set before the auction begins and is kept confidential from the bidders.
The auctioneer will continue to solicit higher bids until either the reserve price is met or the bidding stops.
If the highest bid at the end of the auction does not meet the reserve price, the property will not be sold, and the seller is not obligated to accept any of the bids.

8. Your buyers are ready to purchase
Selling a house at auction gives you access to ‘hungry’ buyers who are ready to move. The typical auction buyer is looking for a variety of different lots. These may be; fixer-uppers, investments, unusual or unique opportunities and land of all descriptions.
The main attraction for sellers is much the same as buyers – speed, transparency and surety of sale. This means that buyers are ready to go with funds and finances already in place.
It’s also unlikely that a buyer will be purchasing the property with funds from another sale – which aids the speed of the transaction.