What is so good about the modern method of auction?

OVER 50% OF HOUSE SALES FELL THROUGH IN Q3 of 2020!

Throughout this tempestuous COVID, year whilst newspapers and popular media have been reporting record sales and prices racing up, the reality has been quite the opposite.

According to Quick Move Now, 43% of annual house sales during 2020 fell through before completion.  The top 5 reasons given for this were:

Buyer changed their mind and pulled out of the sale (31%)

Buyer unable to secure a mortgage (15%)

Buyer or seller pulled out of the sale due to slow progress (13%)

Buyer attempted to renegotiate the agreed sale price (11%)

Buyer pulled out of the sale after a property survey (11%)

What does that tell us about the market?

We think the answer to this question is that the market is extremely uncertain and very volatile. Just because somebody says they want to buy your house at the price you want to sell it to them for DOES NOT mean it is sold!

At Concentric in Crewe, we use the modern method of auction to ensure that we do not have a similar rate of fall through.  Here’s how we eradicate the problems of the above list:

Buyer changed their mind and pulled out of the sale

The buyer pays the auction fee, so they lose this money if they pull out

Buyer unable to secure a mortgage

Before people can attend the auction, we check that they have the funds available to complete a purchase

Buyer or seller pulled out of the sale due to slow progress

As per their auction contract, buyers are expected to complete within 28 days

Buyer attempted to renegotiate the agreed sale price

When the hammer goes down, the price is final

Buyer pulled out of the sale after a property survey

Buyers buy property as seen. All surveys must be done prior to survey

All of these means that selling your house with us through auction brings you certainty, security, speed, best price, and the chance to move on with your life.