Auction myths

Experience tells us that the benefits of selling and buying property via auction, regardless of size and value, are rarely fully understood. Here are some of the key property auction myths that we think should be addressed:

Myth Truth
“Auctions are only for run-down, desperate properties.” Not true – there’s no such thing as an “auction property”. We sell all types of property to all types of people.
“My property might sell for less than it’s worth.” Not true – you set a reserve price below which your property cannot be sold. This ensures peace of mind and protects you, the vendor.
“I have to be prepared to move in 28 days." Not true – while most people love a four-week completion period, the vendor and buyer can also agree a later date.
“Selling by auction costs 10% of the property value.” Not true – at Open Door, we seek to match the price of high street agents. This is because we believe that modern auctions should be accessible to everybody.
“You have to have all the money ready on the day.” Not true – the buyer is only required to pay a 10% deposit within 24 hours of the auction. The rest of the money is transferred afterwards.
“You have to be an investor to succeed at auction." Not true – although many buyers at auction are cash buyers / investors, more and more people are buying at auction with a “mortgage promise”.
“You can only buy and sell in the room.” Not true – offers can be made and accepted before, during or after an auction, putting you – the vendor – in control.