That rather depends on what you are selling. For instance, the auction system of competitive face-to-face bidding can often be used to advantage in the case of unusual or “non-standard” properties, where their very uniqueness makes it much more difficult to arrive at an accurate market valuation in the usual way.
Since completion normally follows in 20 working days, auctions are also particularly suitable where a quick sale is required. May be because you are moving abroad, face repossession, or are committed to using the monies elsewhere.
What a roomful of canny investors and assorted bargain-hunters probably will not get you, however, is the best possible price for your typical, well-maintained three-bed semi. After all, that’s not what they’re there for.
If you genuinely want to look at the auction option, then ask the advice of a reputable agent who specialises in auctions. If they feel you would be better off going down the traditional route, then they will tell you – after all, it certainly is not in their professional interest to be left with a lot of unsold properties which failed to reach their reserve price.
Generally, guide prices are set at about 20 / 25 % below the open market value to attract the right buyers to the room. Then the competitive bidding process takes over and very often properties sell significantly higher than their reserves.
Both sellers and buyers will incur fees and a 10 % deposit is payable on the day, for those that are successfully bidders
To re cap, auctions can provide a fast, certain and exciting way to sell for the right type of residential and commercial properties but as always seek professional advice before committing.
For further information go to www.trustintudor.co.uk
