Q. I don’t know anything about selling at auctions, is it a realistic option?
A. Here in the UK, auction tends to be reserved for those properties where the normal method of sale by private treaty is less likely to produce the best possible price. A general example of the types of property that would benefit from a sale at auction are, land with or without planning permission, short leasehold properties, properties deemed unsafe and requiring substantial building and renovation work, to name just a few. This type of property is normally not a realistic option for a general buyer. Of course the greatest advantage of an auction is that contracts are exchanged at the fall of the auctioneers hammer, with completion within 28 days. The benefit of this is that the sale rarely falls through, and happens more quickly so could be a good option for anyone needing an immediate sale. You would however need to instruct an agent several weeks prior to the auction to enable them to put the details into the catalogue, and of course it’s worth noting that properties sold at auction require a legal pack.