The Auction Process
Why buy or sell through under auction conditions? Isn't it nerve wracking and heavily slanted towards the vendor?
Actually in NSW our laws have been tightened considerably. There is no chance of dummy bidding. All interested parties by law have to register prior to bidding, and all bidding sheets have to be retained by the agency for audit by The Department of Fair Trading, if required.
No other method of sale allows the same level of transparency that happens on auction day. Auction allows both buyer and seller to prepare themselves with a set date in mind, gives them time to organise their finances with the certainty of a settlement date.
The beauty of the auction process is the ability for the property to be sold before auction, on the day of auction, or just after auction. It is up to us as your agent to communicate the market sentiment accurately to both buyer and seller so that informed decisions can be made by all parties.
With a sale by auction, the seller will see exactly what the market is willing to pay on a cash unconditional contract ( no cooling off period) whilst the buyer has the opportunity to bid on a property knowing exactly what all other interested parties ( who are present on the day) are willing to pay.
The auction process typically reduces the selling time for our vendors ( days on market, ie 28 days with auction process, 90 days private treaty. Mosman. Dec 2012) and has the benefit of putting buyers into a competitive environment and letting the market dictate where it sees value.
Auctions consistently produce strong results across all sectors of the property market.