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Property Auction

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Selling or buying property at Auction?

Selling and buying property at auction is becoming more and more popular.

Buyers are attracted by the opportunity to buy property at knock down prices whilst sellers have traditionally benefited from the quick turnaround of the auction system.

At Cooke & Co we offer a comprehensive property auction service including both traditional and modern methods:

Modern Method

Upon the close of the auction, the successful purchaser is required to pay a reservation fee/deposit and sign a reservation form. In return for this the buyer reserves the right to unconditionally exchange contracts on a property at an agreed price within 28 days and complete 28 days thereafter. This method is more suited to the residential purchaser, allowing time for surveys and finance to be arranged.

Traditional Method

Contracts are exchanged immediately, with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional as it is legally binding.

To find out more about buying and selling at auction, please call us on 0191 251 0011 or call into the office and speak to one of our representatives face to face.

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