Our aim is to generate interest from two or more prospective buyers and to encourage them to bid against each other in the auction room. The process of competitive bidding helps your property to achieve 'best price' on the day. Sometimes buyers are so anxious to acquire a property that they will put in a very strong pre-auction offer - if in our view that figure is unlikely to be reached or surpassed in the Auction Room, we will recommend its acceptance under auction rules, and with a condition that contracts are exchanged in advance of Auction Day.
Often properties achieve a sale price at auction in excess of the Guide Price. Regularly the result is ahead of that which might have been acceptable with a Private Treaty sale, but you can always be sure that it has achieved its best price on the day. This is especially important on Probate properties where Executors have a duty to achieve 'best price'; when sale by auction is chosen this is guaranteed and it's also open to public scrutiny.
With Private Treaty sales the price agreed often isn't the price that you finally receive. With Auction there is no renegotiation, no discounting to take account of survey findings or any last minute gazundering. With Auction the onus is on the buyer to fully research the property's condition prior to bidding.