8 Magenta Place in Wishart is a property the Henry Wong Team® enjoyed auction success with recently. The seller’s circumstances with this particular home were unique, because they were already committed to moving away. They really needed the home sold in as short a time frame as possible.
A nightmare experience would be a buyer signing a contract subject to finance and then being unable to obtain the finance. Then the whole process has to start over again, and 21 days are lost in which the buyer was trying to organise their finance. While that’s happening, no other buyer is permitted to execute a contract.
The sellers just couldn’t afford a waste of time like this.
The Henry Wong Team® Solution
Throughout the entire process we worked in close conjunction with the sellers and their children. By maintaining clear communication channels and an honest approach, we aimed to make the whole family as comfortable with the process as possible.
What we suggested to them was to run an auction campaign. An auction is a great option when certainty is required, because there are no conditions, no finance and no cooling off period. There are also no special conditions attached, and no building and pest inspections done.
With a private treaty, often buyers come back to re-negotiate things after a building and pest inspection results are obtained. Or maybe finance conditions take a long time to establish. It’s a lot of time wasted, especially if the seller is in a hurry.
Having explained this to the sellers, they readily agreed that an auction campaign was the best route to go for their home.
The Auction Success Results
The auction campaign itself went on for 20 days. The results we achieved were:
- 304 buyers were notified;
- 15 groups inspected prior to the property going to market;
- 5 offers were received prior to the auction;
- 11 bidders registered on the day, and provided very competitive bidding;
- The property sold at auction.
The sellers were elated with this outcome, especially considering it was a raining day when the auction took place which can affect the attendance numbers.
The buyers were also thrilled to have placed the winning bid at the auction and have enjoyed moving into their new home. Auction success all round.
At the time of this publishing, the Henry Wong Team® have had a 100% clearance rate over the last seven auctions we’ve run. This means the properties have either sold on the day or auction, or prior to it.
If you have any questions about the benefits of selling your home by auction, or you have a property you’d like us to appraise, please get in touch today.