A wide range of properties are suitable for sale by auction and, should your property fall into one of the categories below then sale by auction is certainly worth your consideration.
Properties requiring renovation or improvement
These properties are in constant demand from investors, developers, builders. Whether the properties are renovated and re-sold, retained for owner occupation or released onto the rental
Market by buy-to-let investors after improvement the auction room can find a buyer for them.
Some properties are constantly in demand. Specialist properties, those in prime locations and those which are rarely offered to the market for sale are best sold in a transparent bidding environment. Sale by auction provides this and allows for maximum prices to be achieved in an open, public environment.
Tenanted Residential Properties
Residential flats and houses which are tenanted are popular lots at auction. They are generally bought by other landlords as on-going investments as the properties can be sold without giving notice to tenants.
Commercial Investment Properties
There is always strong demand at auction for these types of properties whether vacant, part let or fully occupied.
Student lets, houses in multiple occupation, blocks of flats and entire portfolios of investment properties are worth considering for sale by auction.
Land and Development Projects
Single building plots or multi-acre development land is always in demand at auction as is agricultural, amenity and grazing land.
Sometimes it’s as much about the person as the property. Perhaps, you need to free-up capital to fund another investment or purchase? Or if you need to dispose of a property as quickly as possible then auction is the route for you.
Why sell at auction?
- SPEED – The fall of the hammer to completion is typically 15 working days.
- CERTAINTY – When compared to typical private treaty sales, where there is no guarantee that the offer which made is the price that is ultimately paid, at auction the fall of the hammer is the price at which the buyer is committed to. There are no chains of buyers to fall down, no survey surprises that require re-negotiation and no sales subject to planning permission being obtained. When contracts are exchanged in the auction room a 10% deposit is left by the successful bidder which they risk forfeiting should they not complete the purchase on time.
- BEST PRICE – Extensive marketing along with a busy, vibrant sale room with competitive bidding will help achieve the best price for a property on the day.
- All the legal paperwork is available in advance of the auction day, so there are no delays.
Why 3A Auctions? (2 Locations, Free Catalogues, Growing Subscribers)
- 3A Auction House is the number one and only Auction House in Nigeria selling a wide range of residential, commercial properties, vehicles and other possessions on behalf of both private individuals and corporate clients from investment properties and vacant houses to building plots and repossessed properties.
1. Auction Appraisal – Contact us and we will give you a free, No -obligation appraisal as to whether your property is suitable for auction and the level at which the guide price should be set.
2. Instructions-Should you wish to proceed we will confirm with you our terms and conditions of engagement and prepare the catalogue entry.
3. Legal Pack – We will contact you to enable us prepare an auction legal pack on your behalf. We will also contact you for details of how and where to send the pack before making it available to prospective bidders.
4. Marketing – Our office will conduct viewings on the run up to the auction in addition to circulating the property to interested parties registered with us. Enquiries and viewings of the property are logged and analyzed so that we can best advise you as to the level of interest the property has attracted in the run up to the auction. In addition to this, the printed and digital catalogues will be produced and circulated.
5. Reserve Price – This is the price below which we cannot sell the property. Prior to the auction, based upon the level of interest, feedback and any pre-auction expressions of interest, we will discuss and confirm with you the reserve price for the property.
It may well be the case that a pre-auction offer is made that is unlikely to be bettered in the auction room. In this instance we can conduct a pre-auction sale, under auction conditions requiring an exchange of contracts prior to auction day.
6. Auction Day – Anyone wishing to bid on a property we are offering for sale is required to register with us prior to the sale commencing. This means that we are doing everything we can to ensure that anyone who successfully buys your property is able to fulfill their obligations. Once the hammer falls, a legally binding contract is formed. We will supervise the signing of the Memorandum of Sale and the payment of the 10% deposit.
7. Completion – We will issue you with a notification of sale completion which will be within 15 working days although this can be altered should you wish.
8. Unsold lots – Should your property not sell on the day of the auction we will make it available “post auction” for a period of days before the next auction. Typically, properties that are not sold in the room are sold a few days after the auction or re-entered into the next auction.