Generally if you elect to sell your home by auction, not only is it the most transparent way of selling real estate, it is always on the terms you set. Being a firm believer in auctions, I will always seem very biased in my opinions, however when you way the pros and cons against each other it really doesn't make sense to sell any other way.
Auctions are a great way to set a final date for a sales campaign - a grand final for the property is another term commonly used. It creates some deadlines and sets a time and date well in advance giving all parties enough time to do there own homework before the big day. Not to mention the odd surprise of someone turning up and bidding out of the blue!
It is not uncommon for properties to sell prior to auction however these come at risks. Generally if a buyer wants to purchase the property before auction a good agent will advise on two main factors.
1. The offer needs to be good enough to withdraw the auction as well as find out why the buyer doesn't want to go to auction. Find the motivation!!!
2. The agent should well and truly be aware if there are a number of parties interested in the property and most importantly if these conditions will be on the same page as the vendor. If a lot of people are interested advise the seller. Ultimately they will be guided by the agent but the end decision is always made by them.
The biggest asset for any vendor looking to sell at auction is conditions. When selling a property under the hammer understand as the seller the contract is unconditional. There will be no terms such as subject to finance, subject to building and pest inspection, subject to the sale of a property, etc Settlement is set by the seller and potential buyers are given adequate notice about this prior to auction day.
Auctions bring a close to a sale and create fierce competition. Forgetting the fact human nature can take over and potentially losing to another bidder can harness you from the facts of purchasing are all in favours of the seller. Lastly, as a seller an auction can also be a system that can bring you back to reality. Generally an auction will dictate what the market believes your home to be worth. Never do you always have to sell at auction - but it will set a price on what the public and market believe your home is worth.
Next time you're thinking of selling maybe do some more homework and see if an auction is more suitable for you. The stress with an auction is a complete myth and if done correctly, will be the only way you sell moving forward.