Why Auction Your Property Part 5

Ok so where now really getting into the process of selling your property through auction.

Today we are goingto address one of the most inconvinient parts of selling your property.

Opening your property to strangers

This is otherwise known as potential buyers viewing your porperty.

With auctions as mentioned before. Auctioneers do not just rock up at your door step expecting you to suddenly open your property to a perfect stranger and allowing them to view your property.

Or

Estate Agents calling you wanting to bring a potential buyer to your property in 5 minutes.

Remember imentioned it before that auctioneers work for the seller. Therefore the seller can dictate when it is convinient to open their property to the auctioneer and the potentianl buyer. By doing this save the seller loads of time and loads of money.

You will be surprised as to how much money is lost in this inconvinience.

Auctioneers also do not believe in have a show house every single sunday all day until the auction day. They have found with show houses that they can be potentially a waste of time. The reason for this is that they get people that are just nosey or they have just bought down the road and wanted to see what they are missing out on. Others just don't have anything better to do on their Sunday so they drive around looking at properties that they have no intention to buy.

What auctioneers tend to do is have one show house the Sunday before the auction for a limited time for instance two hours.

So, if you don't like your privacy invaded and you want to save money. Then the auction route is the way forward for you.

Remember, If you want to be in control of the selling of your property take it to auction.

Contact Dales Bros Auctioneers for more information.

I hope you enjoyed this part.

See you tomorrow for Part 6

Regards

Mornay

Why Auction You Property Part 3

As we continue on our journey in discovering why auctions are the best way to sell your property, I'm going talk today on a subject that I have already mentioned in previous posts.

No Suspensive Conditions

If you have been in the property market you will know what I mean by suspensive conditions.
But for those who are new to the property market I will explain what suspensive conditions are.

Suspensive conditions can be your worst enemy or your friend. Suspensive conditions are conditions that are added to a sale agreement if the purchaser has to apply for a bond or has to sell their property in order to buy your property. In other terms suspensive conditions can also be called "subject to".

Under normal selling conditions through estate agents the purchaser can have all the power and dictate to you the seller as well as the estate agent. They can insist on suspensive conditions. The reason they do this is to safe guard themselves. So if anything goes wrong they can walk away from the sale leaving the seller and the agent at a lose.

With auctioning suspensive conditions do not apply at all. So there is no waiting and worrying if the sale is going to fall through because the purchaser has not been able to sell their property or they have not been able to raise the finances. All purchasers have to either have their finances ready or be pre-approved by a financial institute. Without the suspensive conditions, puts the seller back in the driving seat.

I hope this has  helped. If you still not sure please comment and I will get back to you as soon as I can.

See you on Monday for Part 4

Why Auction Your Property Part 2

So we shall continue with the reasons why you should auction your property.

We are going to look at securing a deposit when an offer to purchase is submitted on your property.

Deposit paid on the fall of the Hammer

So what do I mean by a deposit paid on the fall of the hammer?

Many of you I'm sure have gone through or going through selling your proeprty. One of the worst fears when selling a property and signing a offer to purchase as an acceptance to a purchase price on your property is that the sale falls through.

One of the reasons for this fear is that all to often a prospective buyer never obtains a pre approved bond from a financial institute our they still have to sell their property first. What happens next is the fiancial institute rejects the bond application of the purchaser or fails to sell their property in the time limit given to them (This is known as suspoensive conditions). This then becomes a waisted execise, waisted time and money. Somthing that non of us can afford.

With auctioning there is an added safe guard when selling through auction. This safe guard is the purchaser has to pay a minimum of 10% deposit* (this varies according to the different auction houses) which is non refundable to the purchaser on the fall of the hammer.

By doing this it has a two fold effect. First it ties the purchaser into the sale of the property. The purchaser will loose the deposit should they get cold feet and want to pull out of the sale. Second, only purchasers who know they have either got the finance or have the deposit and are pre-approved will attend the auction and or make an offer on the property.

This rule applies to both pre-auction and auction offer to purchase's.

IF you want your sale to be guarenteed then you need to seriously consider property auctions.

* Applies to Dales Bros Estate Agents & Auctioneers.

See you tomorrow for part 3

Welcome

Welcome to the new blog about Property Auctions.

I have been reseaching the internet on information about selling properties through auction and I found that there is hardly any information about property auctions. Especially in South Africa.

I myself work for a Auction house here in Pinetown Kwa-Zulu Natal South Africa. I have been in the real estate business for a few years as a estate agent. Then i took the big leap and moved overt o property auctions. Since i made this move I haven't looked back.

So, you may be asking why blog on property auctions. Well let me tell you a bit about it. I will over time go through auctioning as well as keep you upto date with what is going on in the property sector.

Property auctions are well under used in South Africa. There is this mith about auctions which says "you have to be in financial trouble to use auctions". or "auctions are only for bank repossessions, liquidations, foreclosers, etc, etc". Well what I have to sayto this is BLAH, BLAH, BLAH.

As mentioned above is true and if you are into property investment going to sherrif auctions to buy repo properties is good way of saving money and making money, its not the only way to auction properties.

In Australia buying property can only be done through auction. The UK is more or less the same. South Africa was following suite until Auction Alliance and their dirty dealing put a bad name to property auctions in South Africa was becoming one of the best ways to sell your property.

Since the Auction Alliance saga, property auctions have started to gain momentum again. More and more people are starting use property auctions as a way to dispose of their properties quickly, easily and even make a profit from the sale.

My aim for this blog is to educate people on property auctions so that you can get a better understanding of the industry and ultamitly get rid of the stigma that has been attached to proeprty auction for far to long. I'll keep you upto date with news and views of the real estate market. I'll keep you posted on upcoming auctions from various auction houses and teach you why auctioning is the way to go.

You are more than welcome to leave a comment or email me with suggestions or if there is a specific topic you would like me to cover.

Come back tomorrow to find out more.

Enjoy