Auction: Case Study
James Douglas Auctions has recently sold a 3 bed Semi-Detached house in Hoel Y Dderwen for £127k, with a guide price of £80k, the property sold over asking price with the auction lasting just under 5 minutes! Our Modern Method of Auction allows both buyer and sellers to quickly secure properties and speed up the home-selling and buying process
What is Modern Method of Auction?
This property was sold by the Modern Method of Auction, meaning the buyer and seller are to complete within 56 days which is the “Reservation Period”. The modern auction procedure is divided into two parts: An estate agent develops interest in the property, arranges viewings, and encourages prospective purchasers to make an offer for the property by placing a bid online. Secondly, this encourages competitive bidding as well as the ensuring an “end date” for the sale. Auction provides a great alternative method of buying and selling property to Private Treaty, with faster completion timescales, more security and transparency for everyone.
What are the benefits for sellers?
Our property and house auctions come with key benefits to sellers:
- Fees – 0% Estate Agency fees. You only pay an Auction Pack fee of £445 including VAT if the property sells.
- Speed – Fixed time-frame to exchange and complete within 56 days.
- Security – Sales are more secure from the start with a buyer-paid Reservation Fee and signed agreement.
- Price – Set a hidden reserve price so your property sells for a price that you’re happy with.
- Maximise interest – An attractive starting bid increases interest and encourages competitive bidding between prospective buyers.
“Very professional service. Very pleased that the completion was achieved within the agreed timeframe” -Susan (seller)
We work in partnership with iamsold; the UK’s No.1 Residential Property Auction Provider, to offer a wider choice of buying and selling options to suit your circumstances. If you are thinking of selling your property through auction, we are here to guide you and help you achieve great results like the one above. Want to know more about how to list your property for auction? Contact a member of our team to help!