Within the next few days O’Donnellan & Joyce will finalise its list for its September 28 property auction.
The company anticipates that it will have variety and exceptional value on offer in the forthcoming auction. In the last year O’Donnellan & Joyce has placed 110 houses for sale by public auction and is regarded as one of the most successful Irish auction houses. It has sold the largest number of properties in the Galway area by public auction.
According to O’Donnellan & Joyce, if you are considering placing your property for sale by public auction your property will be carefully analysed as to the exact value and saleability. Each property that is placed into the auction room must be carefully valued and assessed at a price to which the market will respond.
The reason auctions have proven to be so popular is that if you place a property into the auction room at a very attractive price that buyers consider to be good value, then they will bid with intensity, and all sellers are hoping to get a number of interested parties and bidders, which will push the price further than the minimum price (reserve price ) for which they are prepared to sell the property. However if the sellers only receive limited interested then they must be prepared to sell at that minimum price (reserve price ). The great thing with a public auction is that it is open and transparent, with the buyers chasing value and sellers trying to get as much as possible.
Once your property is registered with O’Donnellan & Joyce for the auction, the property is extensively advertised throughout the local media as well as free press releases through all the local and national papers. The properties are placed on the national website daft.ie to give them further national and international exposure. Combined with the extensive marketing campaign, the property is open to the public for viewings which normally take place twice a week, on either a Wednesday or Thursday and always on Saturdays for one hour. The staff of O’Donnellan & Joyce are in attendance at all these open viewings to answer any questions that interested parties have on the property. Also a BER cert (buildings energy rating ) is organised, along with the legal documents pertaining to the property in order to help interested buyers get as much information prior to the auction in order that they can bid on the day.
The advantage to people selling their property is that the sales are unconditional and the sales are not subject to loan approval and are not subject to an engineer’s report (interested parties are advised to get the house checked out by an engineer prior to the auction day ), also the sales are not subject to the sales of alternative properties.
The auction day is a major event in the property calendar and is held in the Victoria Hotel, Eyre Square, Galway. The last auction, which was held in July, had some 400 interested parties in attendance, with standing room only. The Victoria Hotel has large screens throughout where you can view the auction from various vantage points.
The auctions are fast and furious with average sales taking about five minutes and are handled in a businesslike fashion by auctioneer Colm O’Donnellan, who is regarded as one of the best in the country for not only entertaining the large crowds that attend but for getting people to bid at pace. Once the auction hammer falls, the deal is done, and the buyer is taken to a private room where contracts are signed and exchanged between the sellers and the buyers under the guidance of the sellers’ solicitors along with auctioneer Tony Joyce and the management staff of O’Donnellan & Joyce. With all contracts a 10 per cent unconditional deposit must be placed down by the buyer.
The success of an auction is that you must bring a property to the market at an attractive price in order to get interest from the huge number of buyers who are currently out there looking for a safe haven for their cash, and who consider the property market to be at the bottom of the cycle and a great time to buy.
For further details in relation to O’Donnellan & Joyce’s forthcoming auction contact the O’Donnellan & Joyce auction team of Colm O’Donnellan, Tony Joyce, and Anne Harding or the office on 091 564212.
