Traditionally, property auctions have been used to sell a property that is in a state of disrepair, in repossession or a completely unique building where an accurate valuation is not possible. We will take properties to auction for clients and are happy to discuss this as an option for the sale of your property, if we feel it is the best course of action to take.
Advantages of a property auction
More recently, the auction format has become a more popular method of buying and selling, as it has some distinct advantages:
- Dealing with committed vendors who are sufficiently motivated to sell their property without pulling out or gazumping.
- Dealing with committed purchasers who already have their finances in place.
- Often securing a sale price close to, at or even higher than an asking price on the open market
- Potentially securing a development or renovation project at a competitive price.
Exchange takes place immediately and completion is within a set period of time (usually 28 days) and secured with a deposit laid down at the end of the auction, which gives additional security to both the vendor and the purchaser.
Which properties do well at auction?
Properties which tend to attract the most interest at auction and are therefore the most successful subjects are:
- Renovation projects
- Building plots
- Period properties or properties of specific architectural interest * Parcels of amenity land, as land suitable for paddocks
Auction services for clients
As experienced Chartered Surveyors we can also offer additional bespoke auction services for clients wishing to purchase property at auction.
Whether you are a first-time buyer looking to purchase a property at a competitive price and don’t feel confident bidding on an auction lot, or an experienced property developer who can’t spare the time to attend on the day, we can offer the following auction support services:
- Valuation or valuation and HomeBuyers Report
- Advice on setting a top price for your budget
- Telephone bidding on your behalf on specific lots
- Attendance and bidding on your behalf at auction on specific lots
Please contact us for further details on the auction support services you require.