AT WESTCOLT SURVEYORS, WE OFTEN GET ASKED ABOUT THE BENEFITS OF BUYING OR SELLING YOUR PROPERTY AT AUCTION. SELLING OR BUYING AT AUCTION IS A POPULAR CHOICE FOR MANY OF OUR CLIENTS, BUT WHAT ARE THE BENEFITS?
The benefits of buying a property at auction
Lots of properties to choose from
There is often a broad range of properties on offer at auction across both residential and commercial sectors, especially in the London areas that we cover at Westcolt Surveyors. The auction catalogue is made available digitally and in print around 3 weeks prior to the auction date, which is plenty of time to have a good look through and see what might be suitable for you.
A speedy process
It’s no secret that buying a property at auction is much quicker than other methods; the entire purchase process can be over in just minutes, as opposed to months in some cases when you buy through an agent. A 10% deposit is required on the day if you are the highest bidder at auction, but you do have 20-30 days to pay the outstanding balance. Sales will not fall through due to a lengthy process or breaks in communication, which can happen with other methods.
Timing & Transparency
Two huge benefits of buying a commercial or residential property at auction are timing and transparency. It will always be clear how many other buyers are interested in the property, and there is never pressure to get your offer in before others, as is the case when buying from an agent.
Different ways to bid
Although many of our clients at Westcolt would like to be at the auction in person, it’s not always possible. If this is the case, there are several ways that you can bid remotely, and we can help you and advise you as to which would be best:
- Online – Once you have completed a registration form, you are then able to bid online at just the click of a button
- By proxy – This is an option where the auctioneer will place bids on your behalf, up to an agreed and previously specified limi
- By phone – Some clients choose to call into the auction room and bid via telephone
THE BENEFITS OF SELLING A PROPERTY AT AUCTION
It’s easy and a likely sale
There is a very high chance of sale when selling your property at an auction. It’s also a “no frills” process, with a buyer being legally committed to the purchase once the hammer has fallen.
A quick process
Many of our Westcolt clients like to sell at auction purely down to the speed benefit. The selling at auction process takes as little as 6-8 weeks from instruction to the exchange of contracts.
Good price guaranteed
A property auction naturally generates bidders that are interested in each property. This initial interest, coupled with the auction atmosphere adds to the reasons that best prices are usually achieved. You can also be confident in knowing that every bidder will be paying at the top end of the price that they are willing to stretch to for your property. The end result is more than often a very pleasing one for property sellers.
Many properties can be included and sold on the same day at an auction.
Contact Westcolt Surveyors
Our team at Westcolt Surveyors boast a combined high-end surveying experience that spans over three decades. For more information on buying or selling property at auction, or to find out more about what we can offer in terms of residential and commercial property services, please don’t hesitate to get in contact.
THE WESTCOLT PROPERTY SEARCH
Westcolt Surveyor Services - London
Development & Planning
Across London, the Westcolt Surveyors Development team deals with both the acquisition and disposal of development sites, acting on behalf or a broad range of clients.
The team at Westcolt Surveyors in London, have many years experience in assisting and advising clients through all aspects and areas of leasehold enfranchisement across the London area.
Our talented, specialist commercial team at Westcolt Surveyors boast over 60 years combined experience covering a broad range of London’s market.
Building & Maintenance
Our team’s many years of experience in building and maintenance services in London allows us to expertly understand what is required to protect and restore your property.
In London, rental properties remain a solid investment opportunity for landlords, so you will be pleased to know that residential lettings and handling buy-to-let properties is a service that we can offer.
Every client is different, and will need a professional structured plan and advice custom-tailored to fit their exact needs and requirements – there is no “one size fits all” approach at Westcolt Surveyors.
Westcolt Surveyors provide fair and accurate property valuations advice across the board, including; finance reporting, loan security, auctions, property management, lettings and litigation support.
There is often a broad range of properties on offer at auction across both residential and commercial sectors, especially in the London areas that we cover at Westcolt Surveyors.
Are you looking at appointing a London block management company? Our Block Management team has 60 years combined experience offering bespoke and personalised consultancy and management services.