Why buy via auction?
1. More efficient process.
Because legal documents and other surveys are typically prepared in advance of an auction, buyers have access to important information before making an offer.
2. Reduced chance of property chains.
Vendors entering properties into an auction are normally in a position to exchange quickly. As such, common issues such as property chains are less likely to occur.
3. Guide prices.
Guide prices are designed to generate interest in a property and promote a quick sale. They are, therefore, realistic and likely to reflect true rather than perceived value.
4. Firm financial commitment.
Once your online bid is accepted, you place a deposit on the chosen property and sign a legally binding agreement to exchange contracts in 28 days, allowing a further 28 days for completion. This gives you the time you need to put your finances in place.
5. Greater control.
Finally, as a result of having legal documents prepared in advance of an auction, the vendor and buyer are able to adhere to the exchange and completion dates stipulated, rather than working to conveyancers timelines.