Commercial property auctions
What better way to buy commercial property than at an auction. The property is usually cheaper than the going rate so in most cases it is advisable for you to look at the property of your choice at an auction before you even think of agents. Commercial property auctions have become a popular way to buy commercial property today for a number of reasons. For example, it can be a new and exciting experience for you as the whole process differs significantly from buying a commercial property in the usual way by private treaty. However, it is crucial that you are aware of the advantages and disadvantages involved in the process in order to fully assess whether this is the right option for you.
1. Quick transaction time frame – As soon as the hammer falls completion is typically achieved within 28 days, providing you are able to pay the remaining balance. The lengthy process associated with buying a commercial property by private treaty can be avoided.
2. Significant discount – It is often possible to find commercial properties way below their market value at auction. This could be due to a number of reasons. For example, the vendor may have had difficulties selling the commercial property on the open market or hopes to achieve a quick sale. This could be advantageous if you’re hoping to acquire a cost-effective commercial property or a profitable investment property.
3. Unique Opportunities – Auctions often offer properties with unique opportunities that you may not usually find on the open market.
4. High degree of certainty – Buying a commercial property at auction comes with a high degree of certainty in many respects. For instance, as the buyer, you will be the one to determine the property price. Furthermore, the completion date is clearly set, therefore, you know exactly when the commercial property will become yours.
For more on commercial property read: Commercial Property for Sale