What Types of Property Are Sold at Auction?
Buying property at auction can be a great way to achieve an expedited sale for both buyers and sellers. In fact, buying and selling property is becoming increasingly popular.
247 Property Auctions specialise in property across the South West. Founder Scott Gray knows the area well, having lived in Devon all his life and been part of the property and auction market across the whole of the South West for nearly two decades. He is particularly well placed to advise both buyers and sellers in the area having seen how the markets and demand have fluctuated over the years.
Almost any property type can be sold at auction, but there are particular types which are often suited to this type of sale.
Residential
Residential covers anything from a bedsit to a mansion, a 1-bed flat to a penthouse, a 2-bed terrace to an expansive bungalow with wraparound garden. Demand for residential properties is always high.
Properties in need of renovation: these types of properties come to market for a number of reasons, but can prove difficult to sell through other methods. Often attractive to both first-time buyers and experienced investors they provide a win for both sides. The seller does not have to spend time and money updating a property before sale and the purchaser can find themselves with a bargain.
Properties available through probate: properties being sold after the owner has passed on are often sold by relatives who may live some distance away from the property, but have found themselves suddenly thrown into the probate process. Selling by auction can offer the possibility of an easy and quick sale.
Commercial
Commercial property covers a wide range of property types including shops, other retail outlets, farms, offices, industrial units, HMOs and other rental properties. The factor in common is that they will either be generating an income or have the potential to do so.
Auction is often a popular choice for the sale of commercial properties as the process is clearly defined for both sides and allows for a fast turnaround. This is particularly the case where properties are empty so not generating an income for their owners.
Tenanted properties often appeal to investors as they frequently come with long term tenants that will provide an instant income.
Land
Land is always popular, whether with or without planning permission. Even quite small plots can be an attractive proposition to many purchasers. Previously developed land can often be attractive to developers, while agricultural and farmland is always in demand.
Buying at auction offers benefits for both buyers and sellers. As always, it is important to ensure that you carry out your research, both on the property and the process. We have a number of resources for both buyers and sellers on our website. We are always happy to have an informal and confidential chat if you are considering selling at auction, and potential buyers who have any questions about currently listed properties are also encouraged to get in touch.