Another Property Sold Before Auction

Ray White Beecroft is pleased to announce the sale of 54 Chapman Avenue two weeks before the scheduled auction.

Ray White corporate policy is to encourage vendors to go to auction, for many reasons including because the auction is the best way for the vendor to determine market interest in the property, and to put pressure on prospective buyers.

In the Beecroft and Cheltenham areas buyers are often reluctant to put their hands up during the actual bidding. Even so Douglas Macarthur, Ray White Beecroft Property Sales Director, strongly supports the corporate policy. Not long ago RWB had three properties scheduled for auction on the same day. One of these sold prior to auction, the other two were passed in. But one of those two sold that evening, while still under auction rules, and the other sold a week later to a bidder at the auction.

One benefit for the vendor in opting for Sale by Auction is that there is no need to be swayed by the ambitious promises of unscrupulous estate agents. Asking too much in a sale by private treaty wastes the key selling time, when the property first goes on the market. Buyers lose interest before the vendor gives in and drops the price, and the final sale price will often be well below what could have been obtained either by asking a realistic price, or simply saying "We are selling by auction, you tell us what you think the property is worth".