Member Article

Property Springs a Huge 60% Above Starting Price

iam-sold’s East Midlands Property Auction and their partner agents continued their phenomenal start to the year with some fantastic results from the latest auction.

The overall auction hit a sales conversion rate of 83% with a highlight of one property selling for 60% or £48,000 more than the starting price! Tom Bailey, auction director for iam-sold said: “Results like this show that auction is a great way to sell your property, if the auction provider you are using is the right one. We pride ourselves in generating a high level of interest in our auction properties by working closely with our partner agencies to make sure everything runs smoothly for the buyers and sellers.”

The Modern Method of Auction allows additional time to complete the purchase which opens up the option to a wider range of buyers. This has resulted in a much greater interest in auctions as a real alternative when selling or buying property.

The auction success is a result of great service, the right marketing, motivated sellers and buyers wanting to complete the sale quickly. The Modern Method of Auction is also known as a conditional auction: After the acceptance of an offer or at the close of the auction, the buyer must place a non-refundable reservation fee or deposit to secure the property. Whether you are required to pay a reservation fee or deposit can vary from property to property depending on the instruction from the seller – this will be clearly stated in the terms and conditions assigned to each property. The buyer is then given 28 days to exchange contracts and a further 28 days to complete the purchase. Most buyers prefer to buy through the Modern Method of Auction as the extra time provides greater flexibility.

The East Midlands Property Auction has a further four auctions in 2015 – the next live event will be on Wednesday 20th May at the Bentley Hotel in Lincoln. To register your interest or for more information, contact The Auction Department on 01522 775 259 or visitwww.eastmidlandspropertyauction.co.uk/

This was posted in Bdaily's Members' News section by IAM Sold .