Over recent years, buying properties at Auction has become a more popular method of purchase.
The main advantages for buyers are certainty, control and transparency. As a purchaser you are in control deciding when to bid and how high or low you wish to go. A purchaser is able to buy the property at a price that was achieved competitively against other bidders in the transparent process, and if your bid is successful then the property is yours on completion, the vendor cannot withdraw. Secondly, it is possible to buy properties quickly. If you are well organised, properly advised and have the requisite financial resources, you can exchange contracts in a matter of days. If the Auctioneer is following RICS common auction conditions completion will be 20 working days after the auction. You may find properties are on offer with attractive low guide prices, although the eventual sale price will be determined by the level of competition in the room. The advantages of selling at auction are:- 1. Firstly, certainty, properties are not sold on a, subject to contract, basis in the same way as happens via a traditional estate agency method of sale. The successful bidder is legally obliged to complete the sale once the gavel falls. 2. Secondly, there is good marketing exposure as our auctions are well advertised in the local and trade press. 3. Thirdly, a good sale price. With a set guide price property should achieve the best possible marketing price and also the speed. The sale is relatively quick and completion will usually take place 20 working days after the auction.