Selling at Auction
The advantages of selling a property by auction are:
A legally binding contract of sale on the day of the auction.
A fixed completion date usually 28 days after the auction
No negotiations or discussions regarding the condition of the property
Auctions have long been regarded as a very efficient method of disposing of surplus property.
It is important, however, to note that not all property is suitable for such a method of sale and great care is taken by Eddisons Auction Department to ensure appropriate entries.
There are many factors which combine to determine whether it is appropriate to sell by auction including the type of property such as:
Residential or commercial investments
Vacant shops or houses in need of renovation
Commercial or residential property either in high demand areas or conversely in poor demand locations where private treaty sales could be difficult.
Auctions are not only an effective method of sale but can often produce a very good price. If you are considering auction, however, the selling price should always be a secondary factor with the actual disposal the main reason for choosing this method.
Common Auction Conditions
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