Buying Property Through Auction

Using an auctioneer is one of the oldest ways to purchase real estate assets from residential houses and flats through to commercial, mixed-use, industrial buildings, land and everything in between.

The shorter timeframes require auction buyers to have their proverbial “ducks in a row” in order to be able to bid and win. This means viewing the property, engaging in due diligence (such as engaging in an auction legal pack review), organising finance, registering with the auctioneer and following the required processes.

Unless you’re buying through a modern method of auction, traditional (28-day or “unconditional”), auctions require an immediate exchange of contracts.  Payment of 10% of the property’s sale price and the auctioneer’s fees will also be due.

For this (and many more reasons), be sure to fully understand your obligations and the seriousness of participating in auctions.  We hope the contents of Property Auctions News will at least help you in the right direction.

Selling Property Through Auction

Selling property at auction these days has evolved to attract not only those interested in a quick disposal as the industry seeks to make the process less intimidating for all involved.

Perhaps the principal benefit is the ability to overcome the illiquidity and well-recognised efficiencies of the open market – or private treaty – sales market.  Properties at auction are sold at up to 50% less time relative to using an estate agent and the chances of the sale collapsing are very low.

In terms of deciding who to choose, whilst there are many operators (both traditional and online), we would suggest focusing more on the reputation of the auction and on the level of rapport you build with their sales team.