Hamptons International will be holding an auction of four assorted properties/plots at The Bear at Rodborough on Tuesday 24th June at 7pm.
On offer will be a Cotswold stone cottage requiring some modernisation and renovation work in Brockhampton near Cheltenham with a guide price of £300,000 and a two bedroom detached cottage, which may be ideal as an investment property in Malmesbury for a guide price of £200,000. A three bedroom detached bungalow in Lea, Malmesbury in need of complete modernisation has a guide price of £250,000 and just under half an acre of land with detailed planning permission for two semi-detached houses in Stroud with a guide price of £180,000 completes the auction.
John Little, Hamptons’ auctioneer in the Cotswolds & South West comments ‘There are many advantages to offering properties for sale by auction, the main one being that exchange of contracts takes place at the drop of the hammer with a set completion date. Also the interest and excitement in the sale-room often generates a better bid than might have been forthcoming by private treaty negotiations.’
It is true to say that, while this method of sale seems attractive in many ways - especially in this market – it is not a suitable or effective way to execute a sale for all types of properties. ‘For the next auction planned for the Autumn, we are looking for properties that are ideally brand new to the market and that require renovation, have considerable potential or represent an excellent investment opportunity. A reserve price needs to be low enough to attract a number of bidders that, when combined, drive up the final agreed price.’ Says John.
If you are interested in any of these auctions lots, please contact the local office - the Cheltenham office for the Cotswold stone cottage, Malmesbury office for the detached investment cottage and bungalow and Stroud office for the plot of land. The relevant office will be able to show you the legal pack that has been prepared by solicitors acting for the seller. This pack will include all documents necessary to facilitate an exchange of contracts at the auction. Questions can be asked of the offices or the vendor’s solicitors and viewings arranged prior to the auction. The successful buyer that places the highest bid above the reserve price will be the lucky winner and must present a deposit of 10% of the selling price immediately. Completion usually takes place 28 days thereafter.
If you would like to view one or more of these auction properties, to ask questions about the process or to see whether your property or plot is suitable for auction, please call either Malmesbury on 01666 824771, Cheltenham on 01242 222909 or Stroud on 01453 751666.