Table of Contents...
- What is the '28-Day Promise'?
- Why Speed Matters in the Swansea Market
- Immediate Exchange: The Turning Point
- Certainty for Sellers: No More Fall-Throughs
- The Timeline: From Listing to Cash in Bank
- Is 28 Days Too Fast for Buyers?
- The Role of the Legal Pack in Speeding Up Sales
- How to Start Your Fast Sale Today
- Final Thoughts: Moving at the Speed of Life
The 28-Day Promise: Understanding the Speed of Online Auctions
In the world of property sales, “months” is the standard unit of time. It takes months to find a buyer, months to get a mortgage approved, and months to finally exchange contracts. But what if you don’t have months? What if you need to sell in weeks?
This is where the auction’s “28-Day Promise” comes in. Unlike the open market, where timelines are loose and often broken, an online auction operates on a strict, legally binding schedule. Once the virtual gavel falls, the clock starts ticking.
For sellers in South Wales facing financial pressure, relocation deadlines, or simply wanting to move on, this promise of speed offers a lifeline that traditional estate agents just can’t match.
Why Speed Matters in the Swansea Market
In Swansea and the surrounding Valleys, we often see chains collapse because a buyer further down the line couldn’t secure a mortgage in time. With the average time to sell a home locally often stretching to 144 days or more, holding onto a property can become expensive.
Every extra month on the market means another mortgage payment, another council tax bill, and more insurance costs. For empty or inherited properties, these holding costs eat into your final profit. The 28-day auction cycle eliminates this slow bleed of funds, allowing you to release cash and move on with your life immediately.
Immediate Exchange: The Turning Point
In a standard property sale, an “offer” is legally meaningless until contracts are exchanged weeks or months later. During that time, buyers can change their minds, lower their offer (gazundering), or pull out entirely.
At an online auction, the moment the auction ends with a winning bid, contracts are exchanged automatically. This is the “turning point” that sellers dream of. The buyer is now legally bound to complete the purchase. They must pay a 10% deposit within 24 hours, cementing their commitment financially. There is no going back, providing you with absolute certainty.
The Timeline: From Listing to Cash in Bank
So, what does this 28-day promise actually look like? Here is the typical schedule for a sale with The Property Auction House:
- Day 0 (Auction Ends): Contracts are exchanged. 10% deposit paid.
- Day 1-7: Solicitors engage immediately to prepare for transfer.
- Day 14: Funds are usually being organised by the buyer (mortgage or cash release).
- Day 28 (Completion Day): The remaining 90% balance is transferred. Ownership changes hands. Keys are released.
This is a stark contrast to the open market, where “Day 28” is often when a buyer’s solicitor is just starting to read the contract!
Is 28 Days Too Fast for Buyers?
You might wonder if this speed puts off potential buyers. In reality, it attracts serious ones. Investors, cash buyers, and motivated first-time buyers love the certainty just as much as sellers do.
For buyers using a mortgage, the 28-day window is tight but manageable, provided they are organised. Because the legal pack is available online before bidding starts, buyers can do all their due diligence upfront. This means when they bid, they are ready to go.
The Role of the Legal Pack in Speeding Up Sales
The secret to this speed lies in the preparation. Before we even list a property, a comprehensive legal pack is prepared by the seller’s solicitor. This includes title deeds, searches, and property information forms.
By doing this work upfront, we remove the weeks of legal back-and-forth that typically happen after an offer is accepted. When a buyer bids, they (and their solicitor) have already seen the paperwork. This means there are no surprises, no last-minute queries, and nothing to slow down that 28-day countdown.
Final Thoughts: Moving at the Speed of Life
If you have a property in Swansea, Neath, or anywhere in South Wales and time is a factor, the auction route is unmatched. The 28-day promise isn’t just about speed; it’s about control. It allows you to plan your future with certainty, knowing exactly when your property will be sold and when the funds will be in your bank.
Don’t let the slow pace of the traditional market hold you back. Book your free valuation today and discover how quickly you could complete your sale.
Office Address
42 Mansel Street, Swansea, SA1 5SW
