Why choose online property auctions?
There are huge benefits to selling your home via online property auction, from quicker timeframes to more security and the ever-increasing market plus a wide range of buyers
With this in mind, here are just some of the benefits of choosing to sell through an online property auction, and why your home could be best suited to this alternative route for selling.
Speed: As a seller, speed is important. Fixed timescales for transactions allow sellers to move forward confidently, knowing all aspects of the deal are moving forward with pace. For the Modern Method of Auction (MMoA), the completion happens within 56 days* from when the contract has been signed, which is around half of the average time taken to close a Private Treaty sale, making it the stronger route if you need to sell quickly.
Security: The Modern Method of Auction also allows a sense of security. With a completion rate of 95% in comparison to the current 70% rate of Private Treaty, it is a really appealing option for many sellers. A non-refundable deposit^ is required once a bid is successful as well, which allows all parties to feel much more confident about the sale
Minimum Sale Price: As a seller, online property auctioning may seem a little risky, but reserve prices ensure you are getting the best price for your property. Sellers set a reserve price which ensures a minimum sale price on a property adding a level of security for sellers and ensuring the house will not be sold below that value
Efficiency: The world relies on technology and selling a home is no different. It is important to have easy-to-use technology when managing the sale of a house and auctioning a property online means this is vital. While some may be sceptical of the online world, the Modern Move platform uses innovative technology to ensure the best user experience for all clients. Bidding activity is available online 24/7 to ensure your property can be auctioned efficiently.
A Variety of Buyers: A common misconception of online property auction is that it isn’t very popular, and it will be hard to sell for a good price, but that isn’t the case at all. Using Modern Method of Auction, as opposed to Traditional Auction, to sell your home online gives you access to a much wider pool of buyers for your property. This is because the Modern Method of Auction allows you enough time to arrange a mortgage, whereas the quicker timescales of Traditional Auction limit it to cash buyers. Another benefit of online auctioning is that more people can view your home easily and this only gives you more chance of finding the perfect buyer. From experienced buyers to first-time buyers, there are people looking for all types of property making it much easier to sell.
No Sale, No Fee: One of the definite perks of going through an online property auction is that if there is a no sale, no fee option. With Modern Method of Auction in particular the buyer typically pays the fee. This ensures maximum support is put into selling your home and allows you to solely put your focus into making a sale, instead of extra fees and costs.
What does an auction property look like?
When most people think of property auctions, they immediately think of a home that needs a lot of work and huge renovations. While this is sometimes the case, it is certainly not a must for homes going to auction. There are a huge plethora of homes from country cottages, city centre flats to suburban family homes. With a variety of different styles and prices available, there is no reason why your home wouldn’t sell through an online property auction. There is definitely not one typical type of home that is best suited to online property auctions – and that’s what makes it so perfect for sellers.
Article- Two major lenders launched mortgage deals on Thursday with interest rates of less than 4%, as competition picks up in the sector.
- The prospect of further cuts in the base rate by the Bank of England has given mortgage providers confidence to reduce their own rates.
- But the attention-grabbing sub-4% deals by Santander and Barclays will not be available to all borrowers, particularly first-time buyers, and may come with a hefty fee.
- The return of such deals might prompt other lenders to follow suit after a period of tepid competition.
- Nationwide, the UK's biggest building society, has said it will reduce some of its rates on Friday.
- Mortgage deals with interest rates below 4% have not been seen since November.
- Across the whole market the average rate on a two-year fixed deal is 5.48%. The typical rate on five-year deals is 5.29%, according to latest figures from Moneyfacts.
- "Borrowers have been crying out for better mortgage rates and we are starting to see them," said Aaron Strutt, of broker Trinity Financial.
- "If your mortgage is coming up for renewal soon and you have already selected a new deal, it is a good time to review it and potentially swap to a better rate."
Time to decide
Some tracker and variable rate mortgages move fairly closely in line with the Bank's base rate, which was cut to 4.5% a week ago. However, more than eight in 10 mortgage customers have fixed-rate deals.
The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.
About 800,000 fixed-rate mortgages, currently with an interest rate of 3% or below, are expected to expire every year, on average, until the end of 2027.
That means a higher monthly bill for many homeowners on their next renewal, but there are signs that the rate they could pay is on its way down.
