Residential Property Auctions: What You Need To Know

Property auctions are popular ways of buying and selling residential properties in the United Kingdom and in many other parts of the world as well

. They are also interesting places to go to, just to observe how they operate and the kind of people who are there on a regular basis. One of the attractions of buying residential property at a property auction is speed. Once the auction starts, a buyer knows that within twenty minutes or so, he or she may own the property that they are considering. For this reason it is important that a potential buyer does their research thoroughly and diligently before they participate in the proceedings.

Property auctions are popular with professional property dealers. These are people who make their living from buying and selling properties. They are familiar with the whole process, from beginning to end. They will often be familiar faces at the various auctions that they go to on a regular basis. One of the attractions of a property auction is to be able to see these property professionals in action, bidding on the properties that come up for sale. Property auctions have a certain way that they are conducted. This has remained essentially the same over hundreds of years. It involves an auctioneer at the end of a room who wields an auctioneer's wooden gavel to mark the completion of a sale. The people who may wish to bid on the properties will be seated theatre-style in the hall, facing the auctioneer.

The auctioneer will conduct the proceedings of the auction, announcing the details of each property to be sold, and then inviting bids from the people present. The auctioneer will announce to the floor that a bid is potentially acceptable and in the process and being accepted by saying, for example, "One hundred thousand pounds to the lady over there", followed by the final sequence of words: "Going Once", "Going Twice", "Sold". If someone wishes to offer a competing bid, they will signal this to the auctioneer who will stop their final sequence of words. The auctioneer will then announce to the floor that a counter bid has come in by saying, for example, "One hundred and ten thousand pounds to the gentleman over there". If no-one offers a competing bid, the auctioneer will then re-announce the final sequence of words, and if they get to the word 'Sold', he or she will bring the gavel down onto a wooden block with a loud crack to signal to everyone that the sale has been concluded.

Sometimes a bidder or a seller will be represented by another person at a property auction. The representative will be present at the auction with the actual buyer on the other end of a mobile phone. When their bid is placed, the representative will tell them through the phone. If another bidder comes in with a higher offer, the representative will inform the actual bidder of what the offer was. If the actual bidder agrees a counter offer, the representative will make this offer to the auctioneer.

by: James JR Robinson

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