In the past we’ve successfully auctioned a one bedroom ‘pied-à-terre’ in town, superb rural farmhouses and most types and styles of property in between.
Record auction prices at the time have been achieved on both Local and Open Market properties.
What’s an auction?
It’s a binding agreement for the sale of property on the fall of the gavel, with no subsequent negotiation or amendment of the terms of the contract. This is an essential difference between selling property by auction as opposed to a sale in the more conventional manner when conditional offers are made on the asking price.
Selling your property at an auction
Not all houses are suitable for selling by auction; nevertheless, it’s an option prospective vendors should at least consider. An owner’s motivation for selling the property and the importance of time must be taken into consideration. Above all, the property must have a particular quality or individuality and should appeal to a wide market to ensure an auction will work.
A successful bidder must be able to pay a 10% deposit on the day and complete the purchase four/five weeks later. Some people might like to bid but would need to sell their house first to have funds available.
Almost certainly an auction will have a reserve price (a figure below which the property will not be sold). This is set by the owners on the auctioneer’s advice and recommendation as being a reasonable and achievable amount the vendors would be happy to accept, though with every chance of achieving more on the day. While the auctioneer will give prospective bidders a guide price, it’s rare for the reserve price to be disclosed, even after the auction.