Auctions are an ever popular method for both buying and selling property. However, many people are unaware of how an auction works and why selling by auction may suit their property.
This blog aims to educate you on the auction process and the benefits of selling your property by way of auction.
There are several reasons why an auction may be a good option for sellers. Auctions are suitable for vendors who have a preference for a quick sale within a predetermined space of time. Auctions are also a viable option for properties which failed to sell by private treaty. Two of our latest auctions sold in for over twice the reserve, highlighting the potential benefits of selling your home this way.
The process for listing your property for auction is similar to that is listing it for sale by private treaty. In Ireland you require a BER certificate before your property can be marketed. We have the capacity to host auctions in both our Gorey and Carnew offices. We generally advise auctioning the property in the location most convenient to interested parties.
Most properties being sold by auction have a minimum reserve. Once this figure is passed the property will be declared as ‘on the market’ and will be sold to the highest bid. If your property fails to sell at auction, our staff will advise you on the best way forward. This may involve another auction or listing the property for sale by private treaty.
If you have any further questions, or are considering selling your home by auction please contact us today!
T: 053 9480000 E: firstname.lastname@example.org
No. 1 Independent Auction House in the South-East