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Welsh property auction scrum
publication date: Oct 2, 2009
Pattinson’s held their auction at Cardiff Arms Park on 23 September, in a move to attract regular homeowners seeking a more cost effective way to market their property and buyers looking for their next move.
Richard Francis, Auctions Director at Pattinson said, “Our service already allows for bids online, by telephone or by proxy. We want to replicate the great atmosphere of our 17 year old Newcastle auction.”
The Pattinson conditional auction has some differences from the usual auction format. Buyers are not tied into a contract at the completion of bidding, only a non-refundable deposit and potentially a fee of up to five per cent, which, says Pattinsons, removes the advantage traditionally held by cash buyers.
Vendors have the opportunity to sell their property for free, while keeping control over the reserve price and taking advantage of nationwide marketing. The auction route avoids obstacles such as gazundering and ensures contracts are exchanged within 28 days of the auction.