Auctions are a quick and decisive way of selling. One of the great advantages is that auctions have a targeted audience made up of developers, cash buyers, investors and portfolio landlords who may well have different requirements to prospective homeowners buying at an estate agent. The very issues that make empty properties unattractive to homeowners may be appealing to these buyers.
Auctioneers publish a catalogue a few weeks before the auction. This gives details of all the properties that it expects to be available. In practice some properties are removed and occasionally some properties are added before the auction itself. Those interested in bidding can visit the properties in advance and carry out a survey. Auctions are held at centrally located venues often hotels. Anybody is free to attend.
Look for the success rates of different auction houses. They vary between 60 and 90 percent. And lastly look for the fees, these vary too, but don’t forget that a good auction house that achieves good sales price will be better value for the client even if its fees are higher. If you decide you would like to sell your property at auction make sure you contact your empty homes officer as some auction houses offer reduced fees to clients who have been referred by the empty homes officer.
All Wales Auction
Ty Croes Cwrlwy, Copthorne Way, Valegate Retail Park, Cardiff, CF56E
Cooke & Arkwright
7-8 Windsor Place, Cardiff, CF10 3SX
Newland Rennie Wilkins
Portland House, Bank Street, Chepstow, Gwent, NP16 5EL
Paul Fosh Auctions
87 Church Road, Newport,
75 High street, Cowbridge, CF717AF
11 Walter Road, Swansea, SA1 5NF
J Straker Chadwick and Sons
9 Market Street,
Abergavenny, Gwent, NP7 5SD
Seel and Co Limited
The Crown House, Wyndham Crescent, Cardiff, CF11 9UH
1st Floor, 32 Victoria Street, Merthyr Tydfil, CF47 8BW
The Estate Office, Pant Glas, Llanishen, Chepstow, NP16 6QQ
Herbert R. Thomas
59 High Street, Cowbridge,
Watts & Morgan
55 High Street, Cowbridge