6 Pump Square,
Tel: 01205 365 032
Region: East Midlands
In addition to selling properties and land by Private Treaty, sale by Public Auction or Sealed Tender are also undertaken and we are therefore happy to discuss these various types of sale options that are available.
A public property auction is open and transparent and, depending on the type of property, can be the best way to achieve the marketing price for the property but, some types of property can be more suitable for auction. For instance, a property requiring renovation and refurbishment (which may attract developers and builders) or properties that are difficult to value with initial marketing undertaken at a realistic price, the subsequent auction process allows interested prospective purchasers to bid against one another and this usually results in the property achieving near market value.
Assuming a successful sale, with the final bid price being equal to or in excess of the reserve price (which is only known to the auctioneer and the vendors), a binding contract is effected immediately on the fall of the auctioneer’s gavel and the purchasers sign the contract and pay a 10% deposit within the auction room, with completion of the sale then taking place no more than 28 days thereafter.