Auction is the superb way to buy and sell so long as the type of property is suitable and that the buyer has done their homework. There is no mystery to Auctions and they are not limited to developers, professionals or cash rich buyers and anyone can bid so long as they have carried out their investigations and have their financial arrangements in place.
Some of the benefits of selling/buying at Auction include:
- Speed. The entire process from instructing the Auctioneer to legal completion can be as little as 8 weeks.
- Certainty. As soon as the hammer (gavel) falls, there is a legally binding Contract for sale and purchase and the seller has the benefit of a non refundable deposit. Purchasers should be aware that there are penalties for both buyer and seller if either one fails to complete.
- No waiting. There is no waiting for exchange of Contracts, surveys, Mortgage Offers, Local Authority Searches and even Solicitors! There is no re-negotiation of price or gazumping.
- Transparency. The whole process is transparent and provides the seller with the assurance of best possible price with open competition in the Auction Room and from a buyer’s point of view, they can take comfort in knowing that they are paying market price and that someone else is going to go at least one bid less.
- Multiple Disposals. A large number of properties can be sold in the Auction on the same day.
If you want to discuss buying or selling at Auction please contact one of the experienced Valuers Tim Boot or Amy Bishop