IN difficult market conditions vendors often seek a way of achieving a sale on a fixed time scale and without the concern that the sale will fall through before it reaches the contract stage.
One method of achieving this is a sale by auction. Local auctioneers Maxey Grounds & Co conduct regular sales of property by auction throughout the Fenland area and partner John Maxey said: “While not necessarily a suitable method of sale for all properties, auction is becoming a more popular way to consider selling your property.
“Auction relies on competition between purchasers to achieve the best possible price and this is best suited for properties where there is likely to be significant demand; properties with land, properties needing improvement, development opportunities and agricultural land.
“It is also often used for properties where a sale is to be achieved in a specific set time scale for example mortgage repossessions. The secret to selling by auction is to be offering the right property with the right guide price and a realistic reserve and to give wide marketing coverage to generate interest.
“Purchasers are much happier buying in the auction hall where they can see the person they are bidding against rather than buying by tender where they are ‘bidding blind’.
“An overpriced property will struggle to sell at auction. Auction is best suited to properties likely to be purchased by cash buyers and properties in the above category consideration should be given to auction as a suitable method of sale.”
Maxey Grounds & Co hold regular auctions of property throughout Fenland and are happy to discuss with a vendor whether their property is suited for sale by auction with a view to including it in their next regular sale.
If you are interested in selling a property by auction contact your local Maxey Grounds & Co office at Wisbech on 01945-583123, March on 01354-652502 or Chatteris on 01354-693266.