We launched our catalogue onto the market some 2 weeks ago and with some 3 weeks until our summer sale we are now busy conducting viewings and dealing with enquiries. We are pleased to have property for sale throughout the city and county, including investment property, residential opportunities, bungalows, cottages and a derelict farmhouse, and we even have part of an island in Thorpe to whet the appetite!
We carry out block viewings, with all properties covered twice per week, and this enables us to get a feel for the market and the interest. It appears at present that there is a good demand for all these lots, which can only be good news for buyers and sellers alike. As we go to print, we are optimistic that we will have a good sale and we hope that this is because we have entered the right properties into our auction at the right prices! Of course, what matters is maximising value on the day and the great beauty of an auction is that on the day of the sale we will find out what a property is worth in a transparent manner.
We continually get asked questions about the auction process and in many cases we have interested parties who have not attended an auction sale before.
Here are some tips for buyers, which we hope will assist.
Research - if you like a property and are keen to acquire the lot, carry out plenty of research - you can’t do too much research.
Trial Run – try to attend a few auctions before you decide to buy - look at catalogues and get a feel for what agents say and how they describe things. Apart from anything else, you will get a feel for where the market is and everything will seem less daunting.
Property Inspection – a thorough inspection is vital and whilst the catalogue will provide you with an indication of where the property is and what it comprises, inspection on a number of occasions is very important.
Survey/Professional Advice – we always recommend that anyone interested in acquiring a property at auction should instruct a chartered surveyor to carry out a survey to provide them with the comfort they require. Very often with auctions, lots require renovation and improvement and it is important that prospective purchasers get a feel for the amount of work that may be necessary, and any surveyor will be able to give a view about value, with recommendations about guide price and perhaps how to approach the auction with a sensible strategy, etc.
Value – you will decide what you are prepared to pay, perhaps in line with your professional adviser’s recommendations. With auctions, the guide price is an indication only of where the value is, and the reserve price is set just prior to the sale.
We will continue to work hard in the coming weeks, answering questions and showing people around the lots and hope very much that we will have a successful sale at the Assembly House on 20th June.
The auction process is a good way of meeting clients’ objectives and obtaining a result on the day and as always, we recommend this approach to buyers and sellers alike.
If readers have any queries, they are welcome to contact either myself or auction manager, Trevor Blythe, who will take you through any queries you have.