O’Donnellan & Joyce predicts that its first auction of 2012 will be busier than ever. Colm O’Donnellan has reported a sharp rise in enquiries on the auction process and he said it seems that auction is now the preferred method for a lot of people who are anxious for a fast sale. Of course it is all down to pricing and sellers have to be realistic on this or sufficient interest cannot be generated.
October, November, and December auctions brought renewed hope to the property market in Galway with first time buyers out in force and a volume of activity that had not been experienced in previous months. According to O’Donnellan the lower end of the market has been extremely active with buyers looking for value for money. People have become aware that in a lot of cases there is tremendous value to be had. A substantial number of the buyers are fortunate enough to have mortgages already approved and are seriously considering their options as they find themselves in a very strong position when it comes to negotiating a sale at discount prices. The majority of the activity is in and around the city. Within three miles west and east of the city buyers are looking for homes within easy access of all facilities. Properties on large sites in the outlying towns and villages are selling, but at a fraction of what would have been achieved at one time. However these offer very good value for money and wonderful family homes in well established communities.
“In an auction sale your negotiator will agree an AMV, which is also the reserve price, with you prior to the auction,” said Mr O’Donnellan. “The reserve price is the minimum price you are willing to accept, however we do advise all our clients to be realistic with the reserves if they want to sell on the day. After the bidding, and assuming the property sells at the auction, the contract is signed by both parties and a 10 per cent non-refundable deposit is paid by the purchasers. So at this point in time the property is actually sold which is music to many people’s ears.”
O’Donnellan & Joyce runs a five-week intensive campaign during the lead in to all auctions. For the duration of this time each property for auction is open for viewing twice a week — on one weekday and always on a Saturday at a particular time. During the open viewing interested parties are free to inspect the property and familiarise themselves with every aspect of it. A member of staff of O’Donnellan & Joyce is always in attendance at the viewings to advise and answer any questions about the particular property and the auction process.
Private viewings are also accommodated for anyone who might not be in a position to attend an open house. Properties also have the benefit of all websites for some time prior to the commencement of advertising, and during the week leading into the auction properties are advertised on a number of radio stations, both local and regional.
O’Donnellan & Joyce now also offers a phone bidding facility for buyers who wish to avail of it. Simply register your details with the O’Donnellan & Joyce offices on 091 564212, and one of the sales team will ring you from the auction room and bid on your behalf. A 10 per cent deposit of the AMV in the form of a bank draft or personal cheque, together with ID and a letter of funding, must be deposited with O’Donnellan & Joyce prior to the auction for each property on which you intend to bid.
O’Donnellan & Joyce is synonymous with auctions in Galway and surrounding counties and can boast a success rate of 93 per cent for 2011.
O’Donnellan & Joyce is now taking bookings for its next auction which will take place on Friday February 24 at 3pm. Advertising for this auction will commence on Thursday January 26.
Anyone wishing to have a property included should contact the offices of O’Donnellan & Joyce on 091 564212 or Colm O’Donnellan on 087 2887446.
