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Auctioning
a property has a number of advantages
for both buyer and seller. The main advantage
is that much of the trauma and delay associated
with buying and selling property is eliminated,
as the dates of both the exchange and
completion are fixed. Secondly, the transparency
of auction means that a buyer can clearly
see what is happening and can decide whether
or not to bid, with all Potential buyers
having the same opportunity to acquire
the property. The contract becomes binding
on the fall of the auctioneer's gavel,
with completion taking place normally
within 28 days.
From
the seller's point of view, if there is
likely to be strong competition between
would-be buyers, then this method of sale
is an excellent way of achieving a premium
price.
Although
the auctioneer acts on behalf of the seller,
to whom he owes duty of care, best advice
and confidentiality, he is also bound
to provide accurate information to the
bidders, keeping them informed of any
changes right up to the moment of the
auction.
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