Buying at auction
If you buy at auction, you have the opportunity to genuinely evaluate what’s on offer and decide how much you are prepared to pay.
Auctions may seem intimidating to those who have not gone through the process before, but rest assured they are a straightforward way to buy and sell property, in an open environment.
Bayleys’ auctioneers are highly experienced at making sure properties are presented to the widest possible audience, and maximising value for parties when a property goes under the hammer.
There are a number of benefits to buying at auction:
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The whole process is transparent, meaning buyers can see their competition in the auction room, hear all of the bids and have had the opportunity to place another offer (bid) before the property is sold.
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This means buyers can be reassured they are paying true market value, as the sale is conducted in an open environment.
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Terms and conditions of sale, Land Information Memorandums produced by the council, and any other relevant information is made available well in advance of an auction, ensuring that a buyer can undertake any necessary homework required before making the decision to buy.
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The unconditional nature of auctions means both parties have absolute certainty around time frames, deposit amounts and final sale price of the property.