Auction Properties
Property auctions with DOMVS Estate Agents in Dorset are a fast and transparent way of guaranteeing a property sale.
Auction Properties
Whilst property auctions are currently less common than traditional property sales – or ‘private treaty’ as they are otherwise known – they have existed from as early as Roman times and are a tried-and-tested way of buying and selling property. Property auctions account for about 2-3% of all property transactions in the UK and its popularity seems to be on the rise because they enable a quick, certain and smooth property sale, with no chain, in a time-frame that suits the seller’s expectations.
What is a Property Auction?
A property auction is where a catalogue of properties, known as lots, are sold via a live bidding process. Each unit will be sold to the highest bidder, which is legally binding at the fall of the gavel. The successful purchaser will pay a 10% deposit and both parties are legally bound to complete within 28 days.
Advantages of Selling a Property at Auction
- Speed: a property auction sale is fast – the buyer commits legally on the fall of the gavel with an exchange of contracts, secured by a 10% non-returnable deposit
- Certainty: property auctions remove the stresses and uncertainty of ‘subject to contract’ transactions. There is no long-drawn-out negotiation or renegotiation and unlike a private treaty sale, absolutely nothing is left to chance
- Transparency: all interested parties can bid for a property in an open forum, which can naturally push prices upwards
Next Auction Date:
Thursday 5th December
Recent Successes
SOLD by public auction in December 2023 for £317,000 Auction Guide Price: £300,000+. This 4-bedroom property with spectacular countryside views, original features and wooden floors through most of the house. It is the perfect project for a buyer looking to maximise the potential from this large home.
SOLD by public auction in December 2023 for £310,000 Auction Guide Price: £290,000+. A dedicated plot of 0.278 acres that may offer the opportunity for future development (subject to relevant permissions).
SOLD by public auction in November 2023 for £152,000 Auction Guide Price: £140,000+. This period, semi-detached cottage provides an opportunity to create something quite special, requiring some modernisation throughout.
SOLD by public auction in September 2023 for £500,000 Auction Guide Price: £475,000+. Built in the mid to late 1700's, this spacious Georgian Grade II Listed house is situated on an historic Georgian square and lends itself to anyone wishing to put their own stamp on this deceptively large home with pretty town, river and country views.
SOLD by public auction in June 2023 for £555,000 Auction Guide Price: £475,000+. Built in the mid to late 1700's, this spacious Georgian Grade II Listed house is situated on an historic Georgian square and lends itself to anyone wishing to put their own stamp on this deceptively large home with pretty town, river and country views.
SOLD by public auction in February 2023 for £302,000 Auction Guide Price: £250,000+. This property is located in one of the most popular residential areas in Weymouth. Preston Road leads directly to the beach and is close to the many facilities in the immediate vicinity. The extended five-bedroom detached chalet-bungalow, situated on a plot of 0.2 acres, offers an exciting project for modernisation. With further development potential.
SOLD by informal tender in August 2024 for over the guide price. A rare opportunity to own a three-bedroom semi-detached home with UPVC double glazing throughout, parking and generous garden, with abundant potential for updating and renovation.
Informal Tender Properties
Similar to an auction, some properties are sold via Informal Tender, where bids are submitted by a specific deadline. The pros and cons of selling by Informal Tender, Auction or Private Treaty are explained here – Selling Property. Here are some of our properties currently available by Informal Tender.
FOR SALE BY INFORMAL TENDER. Deadline: 24/09/24 (unless sold prior). A gentleman's residence in need of loving, set in approx. 1.14-acre plot. A perfect place to set up your 'good life'. Guide Price: £700,000
FOR SALE BY INFORMAL TENDER. DEADLINE: 01/10/24 (unless sold prior). A substantial, surprising house, set on a no-through road in the Dorset village of Bere Regis. Guide Price: £450,000.
Testimonials
The expertise and guidance provided by DOMVS from the initial enquiry through to the completion date were exemplary. The advice was concise and reassuring, with a wealth of knowledge of the sales market. This resulted in the property being pitched correctly for the current market conditions and meeting the guide price given. Communication throughout the process has been very good which was critical for the six-week window to complete. I would not hesitate in utilising the services of DOMVS in the future and would recommend to anyone requiring Estate Agency services.
Alison was exceptionally helpful, caring and willing to help me with any queries, even after my purchase. Very professional and keen to do the best for all parties. A pleasure to work with.
Auctioning our lovely cottage with DOMVS was inspirational. Having tried a few years earlier to sell we had knew about all the fuss and delays caused by indecisive buyers who had inadequate surveys. So dealing with the team was a pleasure and we had support and help beyond all expectations. For a fuss free sale and a good price we could not have done better.
FAQ's
A catalogue of auction property is released to the market ahead of the auction date (usually four weeks) and will contain a set of particulars and a legal pack. With the key information available upfront, it means buyers are armed to make a quick decision at the auction, although it’s important to consider the maximum bid in advance along with assurance of available funds. We’d suggest that inexperienced auction bidders should seek legal advice before making any purchases. As a buyer, you should also be aware of additional fees to pay when buying a house at auction – these should always be included on the particulars.
Property auctions are carried out by a traditional auction house, who will work alongside your estate agent to market your property as widely as possible in advance of the auction date. As part of the marketing strategy, a guide price will be set and a reserve price will be agreed. As long as the reserve price is met, then auction sellers can assume their property will be legally sold once the gavel has fallen. To get more in-depth information regarding a property auction, we suggest speaking to one of our team.
Some people assume that auctions are just for problematic properties, such as those with structural defects or legal issues; but this is not always the case. Our property auctions tend to be determined by the circumstances of the seller or because it is likely to lead to a quicker sale or a higher sales price. Clients who need speed, transparency and closure are increasingly turning to auctions. Establishing whether your property is suitable for auction, will depend on many different factors, and this is best discussed with one of our team, who will listen to your objectives and guide you through each of your options.
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