Why we never accept cash offers like estate agents

On Saturday 12th October we auctioned two more fantastic properties in Birmingham and we are delighted to say both properties sold! However, it is the story behind the first property that we think is of interest.

I came into the process after members of the family had almost agreed to market the property located on Moor Green Lane, Birmingham via a local estate agent. It had been appraised at £180,000 with a recommendation from the estate agent to accept £170,000.

We were confident that we could realise the upper end of our auction estimate of £155,000 to £175,000.

Our property auctions are now well established and on every single property put to auction we are at times bombarded with pre auction cash offers. We understand why an estate agent would recommend cash buyers. They get their money quicker. However, we know better than anyone, that if you get two real cash buyers bidding the price will increase and generate a true market value.

We are relative newcomers to the property auction industry, but in no way are we new to public auctions. We never overload buyers with hidden fees which obviously depress value. We offer buyers a transparent and honest platform from which to bid and therefore deliver a true market value.

We work hard for our money in terms of extended viewing, extensive marketing and personal boutique approach to our vendors. Each property has the protection of a professional, common-sense reserve and auction estimates that relate to it. Buyers are not stupid.

Just because a vendor may be in need of a certainty of sale and quick money does not mean that the auctioneer or estate agent should devalue the property and take a cash offer.

Biddle & Webb never accept cash offers.

On this occasion we are delighted to announce that Biddle & Webb realised £198,000.

Jeremy Thornton



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