Why sell property at auction?

There are significant benefits for choosing a sale by auction and it is only by understanding these, that agents and sellers can together decide if auction is the appropriate method of sale for a specific property.

Speed - There is no faster way of selling. The process can take as little as five weeks from instructing us through to an exchange of contract. Depending on the agreed completion period, generally 20 working days, the full funds are available. Financial pressures, relocation or other time –related disposals can easily be accommodated within the parameters of a sale by auction.

Your sale is certain - The fall of the hammer represents an exchange of contracts; the successful bidder is legally committed with no option to withdraw. When compared to the 33% of sales that collapse by private treaty, Auction proves a much more appealing route.

Higher Profile Marketing - All properties are advertised both locally and regionally in the four-week marketing period leading up to any of the auction sales. These adverts specifically target the investor and professional buyer markets. Furthermore we use a publication company to produce a professional catalogue detailing each lot that is dispatched directly to an ever-growing national mailing list, which currently stands at approximately 3500 potential bidders.

No Negotiation - With a private treaty sale sometimes the price agreed is not the figure at which the sale completes. Selling at auction means that the price when "the gavel falls" is the price you achieve. No post-survey discount or last minute gazundering takes place within the auction field. The vendor is committed to sell at the fixed price with the buyer similarly tied in.

Competitive Bidding - The philosophy of auctions is to generate interest from two or more prospective purchasers and to encourage them to bed against each other. The process of competitive bidding will help any property to achieve the best price on the day. Often buyers are so anxious to acquire a property that very strong pre-auction offers are submitted. Once fully qualified they are submitted to the vendor together with any recommendations that we deem necessary in order to make an informed decision. All pre-auction offers must be submitted in writing of an amount higher than the guide price by a ready, willing and able buyer who is in a position to exchange contracts prior to the auction date. Although strict, these stipulations are in place to protect the property seller.

Best Price - In the majority of cases property sold at auction achieve within or more than the the guide price. Regularly the result is higher than a Private Treaty sale, and you can always be sure it has achieved its Best Price on the day. This is especially important on Probate, Court of protection and Repossession cases where the transparent nature of the auction sale ensures executors and appointed asset management companies are seen to exercise all due diligence to achieve the ‘Best Price’.

Continued Income - More and more investment properties are being offered under the hammer without vacant possession being obtained in advance. By transferring the tenancy or lease between owners both parties will have the benefit of income as the property completes.