Every year Hunters Auction Department records an increase in the number of properties going under the hammer.
“I think the popularity of television programmes such as Homes Under the Hammer have played a huge part in demystifying the auction process,” says Hunters director and auctioneer John Waterhouse.
“There was a time that selling by auction was seen as the last resort for a property that wouldn’t sell. That really isn’t the case anymore. Sellers like the idea that there’s a date to work to - a godsend if a quick sale is needed - and the fact that once the hammer falls that’s it. There’s none of the negotiation headaches of forward chains and gazumping.
“Similarly, buyers like the fact that if they’re successful everything happens very quickly.”
Remember though, that once that hammer falls the contract is legal and binding. The purchaser has to pay a ten percent deposit there and then, and come up with the balance within twenty eight days. If you’re selling property at auction, you will need to decide with your auctioneer what your reserve price is. This is the minimum price that you will accept once the bidding starts.
At our recent auction, held at York Racecourse on Wednesday 20th July we were hugely successful and we sold 80% of all our lots, which well exceeds the national auction average. Click to view results.
The auctioneer also has to decide what the guide price of the property should be. This isn't necessarily the same as the reserve price. The trick is to keep it low enough to entice buyers to attend the auction but for it not to be unrealistically low so that bidders are put off if the price quickly surpasses the guide.
John Waterhouse and his team at Hunters Auction Department are here to help. Call today for a free information pack for both potential buyers and sellers. A home visit and valuation of your property can also be arranged.