Auction Myths

Why use butters john bee for property auctions?

You’re more likely to get the best price for your property, and wrap up your sale quicker, if you sell by auction with butters john bee. That’s because we’re one of the UK’s leading property auction houses, with 10 sales each year and a mailing list of over 10,000 buyers for our catalogues and updates. Our award-winning auction department is supported by the wider butters john bee estate agency and commercial network, and can attract specialist buyers so your property can benefit from our fantastic sale success rate.

Still not sure if auctions are right for you? Let’s look at a few of the five most common myths surrounding auctions.

Myth: “I have to have all the money on the day of the auction”

Not at all. You’ll only have to pay a deposit of 10% of the purchase price on the day, and normally you’ll have another 4 weeks to complete the sale and pay the remaining 90%.

Myth: “Only cash buyers can buy at auction.”

Another myth. The fact is, many auction buyers arrange mortgage finance for their purchase before the auction.

Myth: “There must be something wrong with the property if it's going to auction.” 

Not true. Many homes go to a property auction because of high demand for the property, because the vendor wants to sell quickly, or because they need to make the sale transparent. The condition of the property itself is often not a factor.

Myth: “Selling by auction is much more expensive than private treaty estate agency, it costs 10% of the selling price.”

Again, another common misconception. While selling by auction might be slightly more expensive to cover small setup costs, the selling fee is generally similar to regular estate agency.

Myth: “First-time buyers can’t buy at auction.”

Thankfully, this isn’t true either. Your buying position is not relevant at all – in fact, we see many first time buyers at our auctions looking for a good first step on to the property ladder.