There are two questions that we are always asked;
‘When is a good time to sell?’
‘What is the property worth?’
The answer to both of these questions is that the property is worth as much as the market can be persuaded to pay when there is a choice of buyers. In other words; the more people there are who want to buy your property, the greater the price you will achieve for it!
To find out more about our Virtual Auction Strategy,download the PDF below or give us a call on 01635 35010 and talk to one of our property experts.
We hope that the following brief explanation of the process will help you but please feel free to contact us at Jones Robinson for a more detailed breakdown.
When a property is marketed using the Virtual Auction Strategy or is particularly desirable this usually results in the property receiving considerable interest and several competing offers.
The Virtual Auction process involves a period of marketing which gives everyone a chance to view the property without fear of it going ‘under offer’ before everyone has been given a chance to see it. Generally, offers can be made during this period but they are usually not considered or accepted until everyone who is interested has viewed the property.
Once the initial marketing period is complete, the vendors will consider the interest which has been shown and, if there are a number of offers on the table, a best and ﬁnal offer date will be announced and potential buyers will be invited to make their ‘best offer’.
The best and ﬁnal offer date is when every interested buyer is invited to put forward their best offer and provide details of their ﬁnancial position and their ability to proceed. They may be ﬁrst time buyers or have a property to sell and, if sold, may be involved in a chain. All these details are important and useful to the vendor when reaching their decision. A best and ﬁnal offer is put forward in writing to the agent by letter or email without the knowledge of the level of other competing offers and is subject to contract and survey.
Once the vendor has made a decision as to which offer they would like to accept the property is removed from the market in favour of the successful bidder. This decision process may take several days and we will do all we can to inform all interested parties as soon as we are able to do so of the vendor’s decision.