Why choose to buy at auction, than via traditional estate agents
Auctions are a great way to buy property. They are a good option for people who don't have the time or the money to go through the process of buying a property in a more traditional way.
Find great deals
If a seller has a low reserve price and there are not many bids on the lot, buyers may swoop in with bids and have a potential bargain in their hands.
Furthermore, due to the fast nature of auctions, you might find sellers who want to sell as soon as possible — which auctions can help facilitate. Therefore, the reserve price for these lots might be lower than expected, in comparison to an asking price through an estate agency.
Note, these points are not always the case, as there are many other benefits that come with buying a property through an auction, in comparison to through an estate agency.
Faster completion
One of the beauties of property auctions is that it is generally fast, in terms of completion of a property.
Generally speaking, the process can take up to 28-days or more.
However, In order to get a more exact turnaround time of completion, it's important to check the legal documentation beforehand.
In comparison to traditional purchases through estate agencies, once the bid has been made and the top bid has been accepted; there is no changing of minds or waiting around for indecisive sellers who are having second thoughts.
Everything is done as outlined in the legal documentation. Therefore, gaining a faster completion time.
Legally bound (both ways)
Once the gavel falls, you are legally bound to purchase the property from that point onward.
A deposit will be immediately paid from your side, and the seller is also legally bound to sell their property to you too.
This means that buyers are protected from sellers accepting other offers from that point onward.
Therefore, before bidding, you need to ensure that you have done all your checks beforehand and have your funding ready, and in place.
Privacy notice
This website uses cookies to improve the user experience. By using this website you agree to our use of cookies on this device in accordance with our privacy policy unless you have disabled them.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.