With the growing publicity of the auction world through programs such as ‘Under The Hammer’ vendors and buyers now see this as a serious alternative channel to market and buy properties.
Whether in the market place for a renovation project of city dwellings through to rural properties or agricultural land and buildings Newland Rennie Wilkins has vast experience in all these arenas. Throughout the year we are involved in multiple auctions covering all the types of properties mentioned above.
Auctions give the vendor added benefits, which are not immediately evident.
- Immediate Deposit:
The first major advantage is that anyone bidding has to be in a position to effect a legally binding contract at the fall of the hammer, paying an immediate 10% deposit to the vendor’s solicitor.
- No Re-Negotiation
This ensures that prospective purchasers can arrange finance and cannot re-negotiate the sale price after a survey or disappointing valuation.
The time scale is pre-determined, usually with six/seven weeks marketing to the auction date and four-weeks to completion thereafter, with no lengthy delays waiting for legal enquiry answers, finance, or the usual matters that might cause delay on the Private Treaty route.
- Exceeding Guide Price
Auction fully tests the market place, allowing all interested parties to bid, and, as results show, guide prices can often be exceeded.
Auction will not suit all properties, and advice should be sought from the auctioneers as to whether it would be a suitable mode of sale for the particular property in question.