Buying a property at auction
Auctions have become a increasingly fascinating process for most of us due to the popularity of programmes such as ‘Homes under the Hammer’! At Phillips Smith & Dunn we use the phrase ‘auction means action’ and it really does as well as being extremely exciting for vendors and purchasers. Auction sales have become more and more common over the last few years with all different types of lots being offered, from investment properties to family homes.
Benefits of buying property at auction
Quick- once contracts have exchanged the transaction usually completes within 28 days, or sooner by arrangement
Transparency- all bids are made in a public auction room meaning you know the exact sold price of the property
Reduced legal fees- an auction pack containing all the information is produced prior to the auction meaning you have all the information up front and can therefore save money on your legal fees
Certainty- once the hammer falls contracts are exchanged meaning there is no risk of gazumping or the vendors pulling out of the sale
Why not attend our next auction?
If you are considering buying or selling at auction, why not attend a sale as an observer? Our auctions are free to attend with no obligation whatsoever. It will give you a feel for how it all works as well as being an informative and enlightening. Upcoming dates are:
- 24th March - Barnstaple Hotel 3pm
- 25th May - Barnstaple Hotel 3pm
- 27th July - Barnstaple Hotel 3pm
- 22nd September - Barnstaple Hotel 3pm
- 2nd November- Barnstaple Hotel 3pm
- Future dates to be confirmed
If we haven't been clear on anything and you've still got questions, please ask.