Many estate agents don’t offer an auction service therefore they tend to push you down the private treaty route; however there are properties and circumstances where an auction sale is much more beneficial. For example a property which is need of considerable modernisation, a building plot, property with structural problems, investment properties, unusual properties, land or a property which needs to be sold quickly are potentially better sold by public auction.
Auctions are also commonly used when companies, executors, charities, local government, trustees and property trusts who would like their properties sold in a completely open fashion, especially when they must demonstrate they have achieved the best price the market will offer on that day.
Advantages of selling by action include certainty; properties are not sold ‘subject to contract’ as the successful bidder is legally obliged to complete the sale once the gavel falls. Speed of sale is relatively quick and completion usually takes place 20 working days after the auction.
Our auctions are conducted using The Royal Institution of Charted Surveyors (RICS) Common Auction Conditions, Edition 3. This gives a common set of conditions which are used by the majority of property auctioneers.
Our next property auction is Wednesday 16th May.
Please call us on 01608 491081 if you would like to discuss selling your property by auction.