Property Auctions >> Property Auction Blogs >> Property Auctions: March 2008

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Know better about auctions

Before putting your property up for auction see that you discuss matters with an estate agent or a qualified property auctioneers. He should be a member of a professional body. Find out what is the current market value of your property will be and get advice as to a good level at which to set the reserve price. Before the property auction, you must instruct your solicitor or conveyancer to prepare a contract and details of any special conditions of the sale. These should be included in the agent's brochure.

Why people opt for auctions

One of the main attractions that drive people to buy at an auction is the potential for a good bargain. Many of the properties being sold at an auction are being sold for a reason other than vendor wanting to move. It may be that a home is being sold due to bankruptcy, debts, or repossession, by a housing association that no longer needs it or perhaps it has been empty for a period of time, since the former inhabitant passed away leaving no descendants. There will be so many reasons why a property might be sold at auction and a good proportion of them result in the properties being offered for less than their potential value.

Another benefit of auction properties is that they are almost universally offered with vacant possession it means that there are no chains to break and the sale can go through quickly. It is perhaps for this reason that the Institute of Surveyors and Valuers advises you not to bid for a property if you are relying on the proceeds of the sale and have not exchanged contracts. We have combined the popular worlds of online property listing and online auctioning in order to give users a cheap and direct way to buy and sell property.