GOING! GOING! GONE!

Wed 10 October 2018

Yes, the market for residential property has much improved but it is not necessarily all about asking prices and selling prices with reference to the advice that we can offer to our potential vendors.

There is always the route of sale to consider, and of the three types normally associated with the sale of residential property in the UK, namely (a) Private Treaty (b) Informal Tender and (c) Sale by Public Auction, consideration should be given to the appropriate route to be chosen.

True, in the majority of instances, traditional Private Treaty does suit, but there are numerous circumstances where Informal Tender or Sale by Auction may be recommended.

Sale by Informal Tender is quite often associated with perhaps sale of land or grass keeps, but of them all sale by Public Auction is still potentially the most satisfying but perhaps daunting of the three routes to a potential purchaser.

It is imperative to take advice from experts and you can be assured of access to experts in helping to advise the appropriate route to you.

Where a property has potentially different values to different people, or such hope and potential, or is perhaps is in such a poor condition as not to be mortgagable, then a sale by public auction may be preferred.

The legal definition of sale at best value is still considered to be a sale achieved at a public auction sale. We have seen the interest in our auctions increase substantially over the last few years and we hold a good database at our offices of parties ready and willing to consider purchase by auction, and have venues chosen to be easily found and to convey the right atmosphere within which to create and achieve a successful sale.

We would normally be giving advice on a lower and upper guide price with an appropriate reserve to ultimately protect our clients’ interests. A lower guide price should not be set so high as to stifle competitive bidding and in my opinion, should be set to reflect a figure that we are all confident that more than one person should wish to pay. The reserve should be set either at this figure or slightly less than to ensure confident and keen bidding within the room. The upper guide price should be a figure that we would be pleased to see and hope, in fact, the figure may be exceeded!

So, if you have a property that you may think is suitable to consider for sale by auction then please contact any of our offices where you will be directed to someone who has the appropriate experience and knowledge to give further advice to you.

Chris Rees MRICS

Managing Partner – Phipps & Pritchard with McCartneys

A list of forthcoming Property & Land Auctions can be found by clicking here