Realising the Market Value
The competitive atmosphere of the auction room with the one off sales opportunity can result in higher than anticipated prices being achieved. The auction process is a tried and tested means of realising the open market value of a property, hence its use by an increasing number of organisations, as well as individuals, such as executors, administrators and charities.
Sold as the Hammer Drops
One of the great attractions of selling at auction for clients is the removal of
the potential frustration of a sale falling through, as the property is effectively
sold on the 'fall of the hammer'. The deposit is then paid and contracts signed in
the auction room with completion normally within 28 days.
Most properties are sold subject to an undisclosed reserve price which is agreed
with the seller prior to the auction. This ensures a minimum acceptable selling
price for the vendor.