Auction Experts Creating Liquidity from your Property Portfolio
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Auctioneers & Property Consultants
81 South Mall
Tel: (021) 4278455
Fax: (021) 4278522
Where are Denis A Barrett auctions held and what happens on sale day?Denis A Barrett events are held in either a hotel room or at the property being sold. Denis A Barrett staff will begin registering bidders approximately one to two hours before the scheduled auction time.You will be asked to show proof of identification and then you will receive a package of information about the property. Bid assistants will be circulating throughout the room so you will be able to ask any questions which you may have about the property or the Denis A Barrett auction process. The bidding itself may last as little as half hour for a single property or for several hours when multiple properties are being sold.
What will I need to bring to the auction?For Denis A Barrett sales you will need to bring proof of identification.
What happens if I am the successful buyer?You will be asked to liaise with the vendors legal representative to sign legally binding contracts.A member of Denis A Barrett auction team will provide you with all the details regarding the purchasers legal representative.
Can I make the contract contingent upon financing or inspections?No,the auction contract is contingency-free.For this reason,it is very important that you finish your property evaluation and arrange any needed financing before the auction.
Will I be able to understand what's going on during the auction?If you have any questions during the sale itself,just ask one of the bid assistants,who will be positioned around the bidding floor.They'll be delighted to provide any assistance which you may need.
What if I want to be represented by a solicitor?If you are unable to attend the auction on the day and would like to be represented by your solicitor we would ask that you would notify a member of Denis A Barrett auction team of this in advance of the auction itself.
What are the advantages of a Denis A Barrett Auction as opposed to a private treaty listing?Practically,all sellers desire to get their property sold more quickly. Beyond that,however,we hear numerous reasons,including these: . To eliminate ongoing costs of ownership . To establish a market price on a property that has few comparables. . To divide assets in the event of a death, marital separation or other change. . To free funds for other purposes,such as the purchase of another property,repay other debts,improve cash flow situation.
What's the difference between an absolute and a reserved auction?In an absolute auction,the property sells to the highest bidder regardless of price. This type of auction tends to get the best results,because it attracts the largest number of bidders. This type of auction is sometimes referred to as an "unreserved auction". In a reserve auction,the seller retains the right not to convey the property if the high bid is deemed unreasonable low.The reserve is usually not communicated.(Note: This type of sale is sometimes referred to as "subject to seller confirmation".Upon receiving the sellers confirmation, the auctioneer will then place the property on the open market and sell to the winning bidder.)
If somebody didn't make an offer on a property when it was offered through private treaty,why would they bid at auction?The most common reason is that they never knew about the property before.The compressed time period for promoting an auction allows us to bring the property to the attention of far more people than would be possible in an open -ended campaign.Another common reason is that the property may have had an unrealistically high asking price.When an asking price is out of line with the true market value of a property, many buyers feel that there is no point in making a lower offer. With an auction, there is no asking price, so we don't have that problem.