Auction Search
Auctions
As an alternative method of sale to the normal Private Treaty option, vendors may consider a sale by auction. Auctions give the vendor added benefits, which are not immediately evident.
The first major advantage is that anyone bidding has to be in a position to effect a legally binding contract at the fall of the hammer, paying an immediate 10% deposit to the vendor’s solicitor. This ensures that prospective purchasers can arrange finance and cannot re-negotiate the sale price after a survey or disappointing valuation.
Secondly, the time scale is pre-determined, usually with six/seven weeks marketing to the auction date and four-weeks to completion thereafter, with no lengthy delays waiting for legal enquiry answers, finance, or the usual matters that might cause delay on the Private Treaty route.
Thirdly, Auction fully tests the market place, allowing all interested parties to bid, and, as results show, guide prices can often be exceeded.
Auction will not suit all properties, and advice should be sought from the auctioneers as to whether it would be a suitable mode of sale for the particular property in question.
Our Rural and Agricultural Department also holds Auctions from time to time of Agricultural Land, Buildings, Equipment and so on. Please Click Here for more details.
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