For vendors who have never sold a property at auction before, they could be a little dubious about the claims that there is no faster way to sell, but just how fast can a property really be sold at auction?
This month, Auction House Sussex and Hampshire achieved a new personal best and it goes to show just how effective the auction process can potentially be.
A house on Castle Lane is a Hampshire property that had sat vacant for months. Internally it was in a state of disrepair and required modernisation throughout.
The owners opted to sell the property under the hammer, but they were not expecting things to move quite so quickly.
After marketing the property, the auction team received a pre-auction offer from asset managers at 2.57 pm and contracts were exchanged with a three-week completion at 5.05 pm. That’s just 2 hours and 6 minutes from the offer being accepted to the exchange of contracts.
“It’s a perfect example of just how efficient the auction process can be and how buyers and sellers alike can benefit,” said a spokesperson for the property auction firm.
Last Friday, we agreed a sale at 3.15pm, and exchanged contracts at 7.45pm. Not quite 2 hrs but not too bad!
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Impressive, the most we have managed is 48 hours, but that was with a leasehold pack involved, does that count?
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We did a private sale within 54 minutes many years ago to a barrister on his phone while at the property.
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How much below market price did the house sell for? The house had been vacant for months, so why the need to urgently accept the first offer? If asset managers can make a decision and transfer (tens of?) thousands of pounds within a couple of hours, they must see a lucrative wedge of profit to be gained from the transaction – money which the seller missed out on by not letting the auction go ahead, or perhaps even better, by marketing to the ‘whole of the market’ with a traditional estate agent. I have to question what advice, if any, that Auction House Sussex and Hampshire gave to the seller, who potentially missed out on tens/hundreds of thousands of pounds.
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