Auctions Explained
Property auctions are an extremely effective way of selling
certain types of properties.
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Why should you auction?
The fact is, Property auctions are an extremely effective way of
selling certain types of properties. They create an immediate
impact by giving maximum exposure over a very short amount of time.
As such, they enable you to obtain the best possible price for your
property and are far less time consuming than other traditional
methods of selling.
The contract is signed on the day of the auction, a deposit is
paid and a completion date is fixed, normally 28 days, it’s as
simple as that! Your property will be featured in all of our
branches and advertised extensively in the local and regional
press. In addition, we’ll arrange viewings, accompanied if
necessary, as well as producing a quality colour catalogue, giving
details of your property and highlighting its key features, which
we circulate amongst our large database of potential buyers.
More
information on why sell property at auction.
Properties that sell at auction
Although there are no set rules regarding the types of property
which sell at auction, there are a few guidelines which you may
find useful. For instance, properties for investment or in need of
renovation can benefit from this method of selling, as can vacant
sites and commercial premises.
Likewise, probate cases also feature regularly in our auction
list, along with repossessions, receiverships and liquidations. In
addition, if your property is unusual or even unique, it could mean
that auction may well be your best option. Many clients will be
pleasantly surprised by achieving a higher price at auction than
was expected by private treaty. Is my
property suitable for auction?
How does the auction work?
Auctions are held on a regular basis throughout the year, and we
provide extensive advertising and publicity to bring together as
many potential buyers as possible.
If you are selling at auction you set a minimum figure as the
reserve for your property in consultation with our auctioneer – the
minimum amount you’d be prepared to accept. This way you have the
peace of mind of knowing that you can simply withdraw your property
if the bidding doesn’t reach the desired amount. The reserve is not
disclosed to buyers prior to the auction.
If you are buying at auction, you’ll be required to have the
necessary finance available, including a deposit, usually 10% of
the asking price, which is payable immediately. Furthermore, for
both buyers and sellers, it’s a good idea to enlist the services of
a legal representative.
This way, you’ll be forewarned of any problems regarding the
property such as land charges, planning restrictions, future
developments and so on. We endeavour to ensure that our auctions
are as hassle-free and as straightforward as possible, as well as
being an effective way of buying and selling property. How property
auctions work.
How much will it cost?
As there is a greater amount of preparation and organisation
involved in auctioning a property, costs tend to be comparable with
those you’d expect from a conventional sale.
What to do next
Please give us a ring, and we’ll arrange for one of our property
auction specialists to have a chat with you. By discussing your
property and your needs in detail, you’ll then be able to make a
truly informed decision as to whether an auction is the best option
for you.
Contact our auction department direct on: 0845
3105700