Sellers;
No fixed asking price – the single biggest benefit of selling at auction is that through competitive bidding your property could achieve a higher price than expected. And your reserve price protects you from selling it too cheaply.
Extensive marketing – we promote your property to potential buyers across the region via our auction catalogue, online marketing, advertising and in regional newspapers.
Immediate sale – unlike private treat sales when the hammer falls the sale is secure; the buyer is committed to purchase the property and will exchange contracts in the auction room.
No gazundering – the buyer cannot reduce their offer after the sale has been agreed as is common place when selling via private treaty. Once the hammer falls the sale is legally binding at the final bid price.
Best price – an auction is a great way of assuring you get the best price in the current market at any time – it really is live evidence of the open market. The pendulum has swung away from auctions being a place to get rid of property at a discount price and towards a place where you get the best price as well as a secure and quick sale.
Buyers:
No fixed asking price– if you are the highest bidder, you could buy the property at a lower price than you may possibly be prepared to bid up to.
No gazumping – once the hammer falls, the vendor has sold it to you – they cannot continue marketing the property and see if they get a better offer.
No hidden costs– all buyers pay a deposit (a percentage of the sale price) along with a buyer’s fee on the fall of the hammer. Contracts are exchanged in the auction room with completion usually within a month. There are no hidden costs.
Transparent sale – legal packs for all auction lots, which could include details of any tenancy agreements, surveys which may have been carried out and covenants in place, are available for free before the auction and can be viewed in the auction room itself prior to the sale.