Why consider selling By Auction?
I’m Nigel Adams from BigBlackHen.com and TheProbatePropertyShop.com, the specialist probate estate agents.
I am often asked what are the reasons why I might sell property by auction rather than the more conventional private treaty approach where a guide price is set and people offer? What are the benefits of selling properties by auction? What sort of properties are best suited to sale by auction?
So, first of all, what is an auction?
Even if you have never seen one in the flesh, most people will be familiar with the idea of a room packed full of buyers with the auctioneer inviting increasing bids from the floor. It’s actually one of the oldest sales methods and, amazingly enough, dates way back to the Ancient Greeks.
The crucial point is that under English law, once the auctioneer’s gavel, or hammer, goes down…