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
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
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.