Quite often after the decision to sell via auction has been made, a flurry of nerves strikes the vendor; it’s too much pressure, what if there’s only one bidder, what if there’s none or everyone’s worst fear, what if it passes in, then we’ll never sell!
The good news is that none of these thoughts are worth worrying about. If you have selected a good agent that you trust then they will take the heat off you on auction day. In many cases auction day won’t even arrive.
A high number of homes sell prior to auction and if you receive a good offer it’s wise to think seriously about taking it.
Should you proceed to auction and for whatever reason the property passes in don’t view this as a failure. The auction process has allowed you and your agent to gain valuable information on how buyers view your property and more importantly what price they will pay.
Most homes that are passed in sell in the following week or two. Auctions can be a great way to get the best possible price but they aren’t for everyone so if it really doesn’t feel right call your agent and change to private treaty before they start to market the property. Any professional agent won’t have a problem with this.