Property Auctions
What properties sell at Auctions?
In constant demand are investments with a good return, land with or without potential for development, unusual houses, commercial freeholds, long leasehold properties, property held on defective leases, flats including retirement apartments and property requiring refurbishment.
In fact, any property where there is room to improve, from a basic redecoration to major building and structural work, is extremely popular and the opportunity for the buyer to enhance the value often makes these properties achieve excellent prices.
Auction is particularly suitable for properties being sold in probate, or where there is a clear need to demonstrate that every marketing avenue has been explored and the property fully exposed to the widest market.
Advantages of Selling via an Auction:
- The buyer will need to out-bid all others to be successful;
- Contracts will exchange on the auction day, avoiding the usual risk of a sale falling through, wasting time, causing stress and extra cost;
- Some properties can be hard to value especially those that are unusual and need work. Auction avoids the need to rely solely on the Agent’s or a surveyors opinion of value – there is no asking price and the buyers will in effect price the property themselves, You can protect your position by setting a suitable reserve price too;
- The seller does not have to decide ‘who to sell to’ as the highest bid will succeed, ensuring the best price is achieved on the day;
- Auction marketing will attract buyers from a much wider geographical area than offering locally – and more competing buyers means a higher price. Auction House
We are the only Isle of Wight Estate Agent to have its own Property Auction business in partnership with the highly respected Hampshire based Pearsons established since 1900.