Property Auctions

The Advantages of Sale by Public Auction

In Australia and New Zealand 90% of residential sales are accomplished at auction. The attraction of the auction process is that the sale is conducted within a defined period of time and allows for open and competitive bidding. The process often succeeds in maximising market value.

In Bermuda the Court will often mandate that a foreclosed property be offered for sale at public auction. This association has stigmatised the general use of public auctions as a sales vehicle, however the increased use of tenders for the sale of property in Bermuda demonstrates that this may be about to change. Through effective marketing to support the auction process the sale of property could be concluded within an 8- week period. This is a sharp contrast to the traditional 3-6 month closing period for sale by private treaty in the current market.

Schedule of Services Provided Upon Listing of Property for Sale by Auction

Take instructions for the preparation of Conditions of Sale documents
Prepare Sale Particulars
Prepare valuation of the property to determine the Auction Reserve
Prepare for approved Auction advertising
Arrange Open House viewings over 2 weekends and also 2 hours prior to Auction
Prepare draft conditions of sale for review by lawyers
Prepare and complete Auction Bidder forms
Arrange access for appraisal of auction property to pre-qualify bidders
Conduct and manage Auction proceedings
Receive deposit for purchase and complete sale agreement

Fees

Sale by auction is subject to the same commission scale and terms as regular sale listings

Current property auctions