Selling by auction can be the best way of securing the highest bidder.
It puts the market to the test and the house is worth what a buyer is willing to pay for it on the given day.
It is not for the faint-hearted however and it is generally for one-off unique style properties that attract a considerable number of potential bidders at high value.
Auction Legal Process
The contract for sale with special conditions and all vouching documentation is prepared well in advance of the sale and made available at the same time that the property is being marketed to potential bidders. The purchaser name and contract price is left blank until after the bidding is complete.
Your solicitor attends at the auction and is available with you throughout the process to deal with any issues that arise and to oversee the execution of contracts and payment of the 10% deposit immediately following the auction if the property sells.
It is a more demanding and labour-intensive process to sell than by private treaty but for the right property it can be the way to go to maximise your price.
The advice of your selling agent as to the method of sale is critical to maximise your price and interest in the property.
If you are considering selling your house by auction we would strongly advise an early meeting to review your intended sale and all of your available title documents.
Our experience in the market selling at auction is that with older period houses that come for auction there can be work required to gather all documents to prepare for sale particularly if the property has not been sold for a number of years on the open market.
At Carmody Moran Solicitors our aim is to make the process as straight-forward and stress-free as possible. By meeting with you at an early stage we can work with you to navigate through the sale process as smoothly and easily as possible.