There are many advantages to the vendor when selling by auction, one of them is the advantage having the purchaser is formally commit to the sale and sign a contract at the point of sale. 

In recent times many private treaty sales have fallen through and the purchaser has made no commitment or deposit towards the sale so it is quite easy for them to walk away ‘scott free’ leaving the owners empty handed and sometimes several weeks lost in the market.   This can come about when some purchasers get cold feet or buyers remorse usually initiated by negative media or talk of a slowing economy, interest rate rise or just they have a strong feeling that prices won’t hold, so they retract their offer.   

Auctions have been very successful in that it gives very little incentive for purchasers to walk away from a sale where they may loose a considerable amount of money. While remembering this, it is also important to choose an agent to act on your behalf who has expertise and facilities to advertise and conduct auctions with competence. 

Real Estate agencies that specialize in conducting auctions usually put have a set strategy to secure the best buyer on the day or within a short period following the auction. For further information contact property consultant and auctioneer Wayne Ballard at the office on 43535 050.