Property Auctions

We still find that public auction is the most suitable method of sale for many types of property.

Auctions of residential, agricultural and commercial properties are regularly conducted by Barry L Hawkins. These take place either in the time-honoured fashion at a local hostelry, or more commonly we conduct collective auction sales at our specialist auction house, the Downham Market Auction Rooms.

Properties that may be suitable for sale by auction tend to be slightly rare or unusual. These might include farms, farmland, houses and cottages for renovation, development sites, traditional barns for conversion, paddocks etc.

The benefits of selling by auction include:

  • The best price is achieved by competitive bidding

  • Only proceedable buyers are likely to bid

  • The timetable of the sale is agreed in advance

  • A binding contract is signed by the buyer on the fall of the auctioneer’s gavel

 

Forthcoming Property Auctions (link needed)

Buying at Auction (link needed

Selling at Auction

If you are considering selling a property by auction, please contact one of our experienced auctioneers, Barry Hawkins or Marcus Hawkins, who will be delighted to explain the process in more detail and to give you a free, no obligation, market assessment

There are a number of advantages to selling freehold properties by public auction as opposed to other methods of sale, such as private treaty:

  • The timetable for a sale is set out in advance. The marketing period is normally four to five weeks before the auction date. Completion is generally 20 business days thereafter.

  • Selling by auction provides certainty, as the buyer is required to sign a legally-binding contract and pay a deposit (normally 10% of the purchase price) at the fall of the auctioneer’s gavel.

  • Sales by auction are often preferred by executors, trustees, charities etc, as they are completely transparent and at arm’s length.

  • The best type of property to offer for sale by public auction tends to be slightly unusual or rare. It is important to note that there is likely to be competitive bidding from potential purchasers.

  • Prior to placing an auction property onto the open market it is important that the seller has instructed his solicitor to have prepared all of the necessary legal documentation which can then be made available to prospective buyers.

  • Properties are nearly always sold by auction subject to a reserve price below which it may not sell. It is important that the reserve price is agreed with the auctioneer in writing well in advance of the auction date.

  • It is unwise to set the reserve price too high, as this will have a detrimental affect on competitive bidding which is necessary for a successful auction to take place. The reserve price and the guide price should be set at a similar level so that prospective buyers are not misled.

  • A seller does not need to attend the auction, as the auctioneer has authority to sign the contract on the seller's behalf and complete the legal formalities.

If you have a property that you consider might be suitable for a sale by public auction, please contact one of our auctioneers who would be more than delighted to visit the property and advise you further.