As a first time buyer or seller, is the auction route right for me?
Prince Evans Solicitors asks the auctioneer …
Certainly as a first time buyer we would like to think that the simple answer to this question is “yes”. We have seen a significant change in our auction audiences over the last 5 years, moving away from purely developers/investors to private individuals, including many first time buyers.
Buyers like auctions as the legal documents are there to be reviewed in good time before the auction, they have ample opportunity to view the property, to include arranging a survey and they like the transparency of the auction room – no “gazumping” – they can see exactly who they are bidding against and for how much.
Assuming the property is deemed suitable for auction then private individuals are keen to sell via this method also. Due to the competitive nature of the auction room they can sell quickly (exchange and completion with 28 days) but still get a good price. I need to stress however that the property needs to be a true auction lot – an immaculate new build for example would not be considered appropriate for this method of sale.
Phillip Arnold cem crea fnaea fnava
Managing Partner and Auctioneer
Brendons Auctioneers Ltd
0208 810 3890