Selling property by auction will ensure a sale takes place promptly within a given timescale.
It is especially relevant where the timing is important as well as where ones purchasers are likely to be cash buyers - i.e. land or property in need of renovation etc.
There are of course three principal methods of selling property:
- Private Treaty
Most property is sold by private treaty which allows flexibility for purchasers to arrange finance, surveys etc. The chief advantage of tender and more especially auction is that the sale takes place when the hammer falls; the compromise can be in terms of price.
In order to prepare a property for auction, details must be scrupulously dealt with so that enquiries from potential purchasers can be answered. This in effect means enquiries, searches and contract, should all be prepared beforehand.
Auction can be used for almost anything - even the Holy Roman Empire was sold by auction. But to optimise the price achieved, considerable work (and expense) is needed beforehand.