SELLING YOUR PROPERTY

In a market where buyers are not required to make any commitment to a property purchase and the fall-through rate & average conveyancing time is ever increasing, we saw an opening to offer sellers alternative methods of sale designed to increase the security of the transaction and drastically reduce the time taken to get our sellers through to completion.

WHAT OTHERS HAVE BEEN SAYING

AUCTION SUCCESS STORIES

THE AUCTION METHOD

Here at Whoobid we have two different methods of auction the Traditional Method and the Modern Method. Both methods are an innovative alternative to the standard private treaty method looking to make property sales faster, more secure and more transparent for both buyer and seller.

WHAT IS THE STANDARD PRIVATE TREATY METHOD?

If you’ve ever bought or sold a property before then you’re probably familiar with the private treaty method. You’ll list your property with an estate agent, they’ll conduct viewings and eventually you’ll find a buyer who makes you a great offer.

Unfortunately, it’s not always as simple as marking your property sold and being done. Your sale will go through the conveyancing process. This is where solicitors go through all the legal aspects and conduct searches on your property. On average this takes between 12 and 16 weeks and at the end of it your buyer is under no obligation to even go through with the sale putting you back to square one.

THE TRADITIONAL METHOD

This is the method of auction you will think of when you hear the word ‘auction’ with exchange happening on the fall of the hammer and completion following within 28 days.

We have taken the outdated method of sale and modernised it by bringing the process online allowing people to bid from the comfort of their own homes, taking away the anxiety and pressure that often comes with auction room sales. By taking the process online we are opening the market up to a wider range of buyers who may have otherwise not been able to make it to an auction room.

At the end of the auction the winning bidder will be bound by our terms and the Reservation Fee will be paid.

BENEFITS OF TRADITIONAL AUCTION

• 0% Sales Commission as our fees are paid by the buyer of the property
• Proceedable Buyers only as bidders need to have funds in place prior to auction and are often cash buyers
• Quick Sale with a tailored, fixed marketing period to generate interest with exchange taking place immediately after the auction and completion will be within 28 days
• Security as the buyer is legally bound to exchange and they will have made a significant financial commitment upon completion of the auction. Over 99% of sales using this method reach completion
• Maximise Interest by using a proven marketing strategy to drive competition between potential buyers to push the price up
• Simplify the Legal Process as much of the work will be done prior to the auction taking place
• Set a Reserve which guarantees the property will not sell below your agreed figure

THE MODERN METHOD

This works in exactly the same way as the traditional auction whereby the auction takes place online, however the property does not exchange on the fall of the hammer. Instead, the winning bidder agrees to enter into an exclusivity agreement which grants the winner 28 days in which to exchange.

This opens the auction market up to properties that may not have been suitable for traditional auction as motivated mortgage buyers will have time to raise finance on the property. This means that you are not narrowing your market to predominantly ‘cash buyers’ as with traditional auctions.

At the end of the auction the winning bidder will be bound by our terms and the Reservation Fee will be paid.

BENEFITS OF MODERN METHOD

• 0% Sales Commission as our fees are paid by the buyer upon them winning the auction
• Mortgage Buyers are also able to bid on your property as they have sufficient time to arrange finance which opens up your potential market
• Quick Sale with a tailored, fixed marketing period to generate interest, the winning bidder has 28 days to exchange following the completion of the auction – if they fail to do so you are free to remarket the property
• Security as the buyer will have made a significant financial commitment upon completion of the auction by way of the Reservation Fees. Over 95% of sales using this method reach completion
• Maximise Interest by using a proven marketing strategy to drive competition between potential buyers to push the price up
• Simplify the Legal Process as much of the work will be done prior to the auction taking place
• Set a Reserve which guarantees the property will not sell below your agreed figure.

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