The first Connacht Property Auction of 2014 was held on March 26 in the Clayton Hotel, Galway. Some 120 buyers turned up to the auction with interest in the 22 lots on offer, and there was strong interest in almost all of these.
There was competitive bidding on many of the properties with the auction team noting 17 interested parties in Lot 16, No 56 The Meadows, Ballybrit, which was successfully sold on the night.
Another property in Woodford, Galway, received strong bidding prior to the auction and bids reached €135,000 from the €85,000 starting bids price. An impressive 20 of the 22 properties offered were sold, giving the auction team a 91 per cent success rate.
“There is certainly an increase in activity in the market and we had multiple enquiries and viewings on all the properties offered here tonight,” said Patrick Folan of the Connacht Property Auction. “The key to the success of our auction is that both cash buyers and mortgage purchasers can buy through the auction, ensuring we maximise the interest in the property and give everyone a fair chance. And with no entry fees or marketing costs to our auctions, the pressure is on us to ensure we achieve results for our clients.”
The Connacht Property Auction is inviting entries for its upcoming June auction. With hundreds of registered buyers and an impressive success rate, it seems the Connacht Auction is the way forward for property owners looking to sell. This auction, which works in partnership with a host of estate agents from across Connacht, offer properties for sale via an online auction and public auctions. And with no upfront costs or marketing fees, this option is becoming increasing attractive.
The Connacht Property Auction offers an auction system which has several distinct advantages over traditional auction. Before the auction, a realistic reserve price is agreed with the vendor, giving the owner complete control over the minimum price he/she will receive. All properties are marketed over a 45 day online auction initially, which allows the auction team to advertise the property, undertake viewings, and take bids at any stage during the 45 days. All bids are put on the auction website so parties can see the current highest bid. If bids have met or exceeded the agreed reserve price at the end of the auction, the property will automatically be sale agreed.
Both vendors and purchasers benefit from the transparency and speed of the sale and there are then fixed time frames for the sale to be closed. Properties can also be put forward for the public auction events which take place in the Clayton Hotel. Again, there are no upfront costs to enter the auction, and the properties are marketed heavily in the lead up to the auction. Again bidding is open to all parties and the highest bidder secures the property, providing the reserve price has been met.
The Connacht Property Auction is now welcoming entries for its ongoing online auctions and its next public auction which will take place on June 12.
To discuss selling you property by auction or to arrange a free valuation, call the auction team on 091 882 121 or visit www.connacht propertyauction.ie.
