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