Auctions Level 3 - Retail Unit North Devon

Question 1

Talk me through the advice you provided to your client

Answer 1

I was advising on the disposal of a ground floor retail unit in North Devon.

During the marketing period I established that there was light interest in the property, however one party submitted a formal offer at the level of the guide prior to auction.

I presented two options to the client, to accept the offer and sell prior to auction or to decline the offer and see if the property would sell at auction.

I was mindful of the clients objectives which was selling at the guide price, this informed my advice to accept the offer prior to auction as there was no interested parties or registered bidders the day before the auction. I advised that not selling prior would risk the property not selling and not achieving the level that had been offered prior.

The client agreed with my advise and the property sold prior to auction.

Question 2

What did you guide the property at?

Answer 2

£300,000

Question 3

What did the property sell for?

Answer 3

£300,000

Question 4

What other options could have been consideredin relation to the guide price?

Answer 4

I considered reducing the guide price, however we had a fomal offer at the level of the guide and I was aware that the client would not be receptive to a guide price reduction.