Stand down time from having price listed to going to auction

Hi Paul,

Ideally a property goes to auction before it is marketed with a price, the auction process is designed for the agent to get as as much traffic (potential buyers) through your property prior to auction day in order to provide you with feedback on where the market sees your property sitting as far as price goes, this feedback then provides you with the information you need to make an informed decision when setting your reserve price for auction day. Should your property be passed in at auction, ideally the price is then set at a level somewhere near where the market sees value and should potentially sell within a short period after that. There are a lot of buyers who are not in a position to buy a property under auction conditions (that is cash unconditional on the day) the post auction period provides those buyers the opportunity to make a conditional offer on the property.

When a property is marketed with a price to begin with it provides the market with a price guide. The problem with this is that if the listing price is set too high you may potentially scare buyers away or if the price is too low you may miss an opportunity to realise your best price.

There is no law to say if you market your property with a price to start with that you have to wait for 2 months before you can then take it to auction, however you do run the risk of preparing the market for where you are at as far as price and this could again limit the potential for the best available price on the day.

Paul, I hope this information assists you.

KarenC

Thanks for that very informative cheers

No problem Paul, if we can be of further assistance please don't hesitate to contact us.