Auction

Auction has traditionally been seen as an optimum selling method. At auction, the seller is in control: a specific date is set, the terms of settlement are set by the seller, and an auction contract is unconditional, i.e. not subject to, for example, the purchaser obtaining finance or selling their own property.
The marketing period for an auction is intense, so that the property is given maximum exposure over a clearly defined period, and auction day then brings all the buyers together to bid for the property in an environment of open competition.

There are several sorts of properties where auction may well indeed be the appropriate method of selling.
As a general rule, we believe all three of the following criteria must be met for a successful auction.

1. The property is difficult to value.
2. The property should be special or unique - it is this unique quality that can generate demand, and consequently;
3. The property will generate a lot of interest with several genuine bidders on auction day.

Market conditions can also dictate whether an auction would be recommended. Some agents may prefer to manage an auction campaign due to the high profile nature of the associated marketing. Before considering an auction, the Vendor must satisfy themselves that the Agent is working solely in the Vendor’s best interest.

We would be happy to talk through the advantages and disadvantages of auction with you when the time comes for you to sell.

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