Sold! - To the highest bidder

Many owners offer their property at a higher price in order to have room for negotiation. But no buyer is found because the price is too high. The property has been for sale for too long. Potential buyers become skeptical. In the end, the property has to be sold for less than it is worth. A bidding process can be an alternative.

Choosing a lower starting price for your property will increase demand. If there are enough interested parties who want to buy the property for sure, a professional estate agent can carry out a bidding process. The estate agent can help here as a neutral intermediary. A bidding process strengthens the negotiating position. But it is neither an auction nor a forced sale. On the one hand, it is particularly suitable for properties where demand is extremely high or extremely low. On the other hand, it also makes sense for properties that are in great need of modernization or renovation. But be careful! There are also risks. In any case, sellers should be well prepared or leave it to a real estate expert.

There are several ways to conduct a bidding process. An "open house" viewing can be carried out. There is a viewing appointment at which all interested parties appear. The bidding process is also opened there. This saves sellers many viewing appointments. However, this procedure also has disadvantages: The seller has to do a lot of marketing in advance to find as many interested parties as possible for the viewing appointment. In addition, it is difficult for the seller to accurately assess all the interested parties at a viewing. This is because bargain hunters occasionally turn up at such appointments without making a serious offer. Experienced estate agents, however, are very good at assessing potential buyers.

Professional estate agents recommend individual viewings with the option of a bidding process. Here, everything initially proceeds like a normal house sale. Individual viewings make it easier to filter out interested parties who are suitable for a bidding process. However, the following must be pointed out in the advertisements: 1. that a bidding process can be carried out depending on demand. 2. that the highest bidder with secured financing will be awarded the property. 3. that the sales price may deviate upwards from the bid price.

After the estate agent has filtered out suitable interested parties, he informs them about the bidding process and gives them the opportunity to submit their bid in writing by a fixed date. After the deadline, the estate agent informs the interested parties who has won the bid. The offer is not binding as in an auction. If the offers are too low, the seller does not have to accept any of them. Conversely, the bidder can also withdraw his offer.

Would you like to get the best price for your property? Then contact us. We'll do it for you.

Photo: Avosb