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The benefits of buying and selling property at auction

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Wed 02 Nov 2016

The benefits of buying and selling property at auction

Could you find the property of your dreams - or make a quick and lucrative sale - at a Dafydd Hardy property auction?

Property auctions are very popular with both vendors and buyers - but what sort of properties sell well at auctions, and what are the advantages of buying and selling property in this way?

Properties you're likely to see at auction include unique properties where arriving at an accurate value can be difficult. Properties that are in need of renovation or modernisation are good candidates for selling at auction, as are building land, agricultural land and farms.

Other properties you might find, or consider selling, at an auction include those where a quick sale is required but where the market has to be fully tested to show that the best possible price has been achieved. Repossessed and investment properties also often show up at auctions.

There are many advantages to buying and selling at auction.

A binding contract exists upon the fall of the hammer, so there's none of the disappointment of either party pulling out after a long negotiation.

Completion in the saleroom can result in a price over and above a private treaty sale, and completion normally takes place within 28 days of the auction date - so auction can be a much faster way of buying or selling a property.

Auction is a very fair way to buy and sell property, because there's complete transparency throughout the process; all interested parties can see what's happening and have a fair opportunity to purchase.

And as a reserve price is fixed in advance (this is the minimum price at which the property can be sold), if the reserve isn't met or exceeded the property can be withdrawn - so the vendor doesn't lose out.

 

Dates for your diary: Dafydd Hardy's next auction is on 19th June, 4th September and 13th November.  Entries of properties for our auction are now invited; please email auctions@dafyddhardy.co.uk for details.