The basics of auctions

When to consider selling by auction

* Sale by auction is often the best way to go for unique and unusual properties.

* It is a great method of marketing generating a competitive interest around your property.

* This form of sale allows the selling price to be dictated by the market rather than by setting a cap or figure for sale which is useful when there are few comparable properties in your area.

*It's helpful for people who want a good chance of selling their home on a given day for at least the minimum price you have determined with your agent.

How it works

Once you have decided to go to auction we can guide you through the whole process.
The process of  marketing your property is similar to other sale types in that we will contact potential buyers, devise an advertising campaign and arrange open homes for people to inspect your property.

The date for auction is set and advertised and the minimum sale price (reserve) is determined near the end of the marketing campaign. You are always protected by the reserve price.

On auction day Martin and your auctioneer will guide you through the process. The relevant documentation is displayed for potential purchasers and the ground rules for the auction are set eg, acceptable bid increments.

The auctioneer will ask for a starting bid and once the reserve is met the property is said to be 'on the market' and the highest bidder on the day is the purchaser. If the reserve is not met during the auction we still have the opportunity to sell under auction conditions until midnight of that same day.

The purchaser is required to pay a 10% deposit on the fall of the hammerand sign the contract.   Settlement generally occurs 42 days later or as negotiated between the parties.

For more information about auctions or selling your property call us at iRIS Property 02 45677254.