We have always partnered with traditional auction houses in the sale of suitable properties where the majority of the activity takes place in a brick and mortar auction house on a specific date and properties exchange contracts immediately upon the ‘fall of the gavel’. The buyer has 28 days to complete the purchase. There is now also an online element to these events where offers can also be made remotely.

The traditional auction house system is valuable and works well but has some limitations, three of which are:

  • The auctions are held on specific dates in a bricks and mortar auction house, so that if the deadline for the auction date is missed in terms of the cut-off date for entry into the catalogue, the seller then has to be wait for the next date.
  • It is difficult, though not impossible, for those requiring a mortgage to bid successfully, because of the procedures and complexities around arranging funding. The mortgage will inevitably be targeted at one specific property, so there are limitations on flexibility. This limits the number of potential buyers available to you
  • In almost all situations it is the seller that pays the fees to the auction house upon successful completion

We will continue to partner with auction houses in this way as instructed by a client.

However online auctions where bidders can make their all offers are made remotely are increasing in popularity.

We are therefore also partnering with an online auction house and will employ what is now termed the Modern Method of Auction together with the improved Online only Traditional Method of Auction.

There are considerable advantages to the new improved system, not least of which are the incredible flexibility in timing, more immediate availability, more potential purchasers, and fee payments.

if this is an area of interest to you please contact us as below: