How To Sell My Property in Islington #4: Private Treaty & Auction

Hello Islingtoners! Today we will look at how you sell your residential property in using either Private Treaty or Auction as your method of sale with your personal estate agent. Each method offers distinct advantages and considerations that sellers should be aware of before making a decision.

The Private Treaty method is how the wide majority of property sales throughout the UK are concluded. With this method, you appoint your personal estate agent to negotiate on your behalf with potential buyers. The flexibility of Private Treaty allows for negotiations on price and other terms until you and the buyer reach an agreement.

This method involves multiple stages, including marketing, buyer finance arrangements, property surveys, and legal searches. While the process can be expedited, it may also take several months if complications arise.

The main strength of Private Treaty lies in the absence of time pressure, as negotiations can occur until the exchange of contracts. However, the uncertainty surrounding the sale until the exchange of contracts is a notable disadvantage. Nevertheless, having a dedicated personal estate agent throughout the process, who advises you during what could be an emotional sale, is so valuable.

The Auction method offers a distinct approach characterized by a fixed marketing period. An auction is advertised for a specific date and time, typically a few weeks in advance, to allow potential bidders sufficient time to view the property, arrange finance, and conduct legal inquiries. During the auction, the winning bid legally binds the buyer to purchase the property. When the auctioneer's hammer has fallen, the buyer should very much be confident in proceeding with the transaction. It is important to note that auctions are less flexible in terms of changing the scheduled date or time. If market conditions or personal circumstances change unexpectedly, this method may not be the most advantageous. Additionally, some buyers may feel apprehensive about auctions and the bidding process if they are unfamiliar with this method.

It is crucial for you, as a homeowner, to consider your preferences and the market conditions when you decide to sell your property. Consult with your personal estate agent, who can provide invaluable guidance and support throughout the selling journey.

Hope you found this valuable. //Jacob Littorin Your aspiring Personal Estate Agent in Islington.