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Sell Your Home at Auction

By Louise Morrin

If the time has come to sell your property in St George, you may have considered doing so by auction. For those in this position, there are a few things you will need to know.

How does it work?

You'll need to set a reserve price for your property. This is the lowest price you are willing to accept, however it will not be disclosed to bidders. You can discuss this with your real estate agent, who should have a good idea of the value of your home.

You can then select an auctioneer to conduct the proceedings. Make sure you are comfortable with this person, as they will be responsible for selling your home.

What happens next?

Hopefully there will be multiple bids on your home, resulting in the winning bid reaching your reserve price. If this happens, the sale of your property will be unconditional as soon as paperwork has been signed.

If the bids don't reach your reserve, your auctioneer can negotiate with the highest bidder to set an agreeable price. You may have to lower your expectations and accept the market price in order to sell your property when you want to.

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