The Connacht Property Auction has announced it will hold its first public auction on November 14 in The Clayton Hotel, Galway. There will be 29 lots on offer ranging from fully finished apartments starting at €19,000 to luxury A-rated homes at €340,000.
Working in partnership with estate agents all over Connacht, the company offers vendors and purchasers a secure and transparent method of sale via its online and public auctions. Furthermore, as there are no insertion fees or marketing costs to enter the auction, this has become a popular method of sale for residential and commercial properties across the province.
The Connacht Property Auction offers both online and public auctions. The public auction taking place on November 14 will offer a wide variety of properties throughout Connacht which the auction company feels represent fair prices based on current market conditions. Patrick Folan from the Connacht Property Auction said: “Before we bring any property to the auction we take an in-depth look at the market with our local partner agent. We then advise the homeowner as to the current market value for the property based on recent sales in the area. We ensure that the properties are realistically priced, which gives interested parties the confidence to put bids forward while also avoiding long unsuccessful periods on the market for the vendors. Interested parties can attend on the night to bid, bid via phone, or the auction team can bid on the person’s behalf up to a pre-agreed amount. The highest bidder at the end of the auction secures the property; providing the agreed reserve has been reached or exceeded.”
The company says flexibility towards the buyer is also important to make it as easy as possible for someone to bid. Therefore the majority of the lots are being offered via the modern method of auction which allows longer timeframes for the purchase. Instead of exchanging contracts on the day of the auction, the buyer pays down a deposit to secure the property and is given 28 days to exchange and a further 28 days to complete. Mr Folan continued: “Traditional auctions are mainly suited to cash buyers and investors, due to the strict timelines involved. Our auctions however are more flexible and we accommodate all types of purchasers, including those buying with finance. We feel this adds a degree of fairness to auction sales, and while over 70 per cent of our purchasers are still cash buyers, we are starting to see more first time buyers coming into the market with mortgages secured. Through operating the modern method of auction, we provide secure and transparent sales while giving enough flexibility to purchasers.”
The Connacht Property Auction will take place on November 14 in the Clayton Hotel at 7pm.
For more information about buying or selling through the auction or to become part of the estate agent auction network contact the auction team on 091 882121 or visit www.tcpa.ie
