Connacht Property Auction - now taking entries for November auction

Strong interest expected as tax exemption due to cease at end of the year

The Connacht Property Auction is now taking entries for its next public auction which will be held at 7pm on Tuesday November 11 in the Menlo Park Hotel, Galway city.

After the firm’s six hugely successful auctions so far this year the auction team have experienced a surge of interest from both property owners and buyers. With such strong interest at the previous auctions, the auction team are again expecting significant interest and competitive bidding on the majority of properties offered. There is increasing demand for properties across Connacht and the auction team are inviting homeowners to contact them to discuss the process.

At the last Connacht Property Auction in September 20 of the 23 lots offered were sold, recording a 87 per cent success rate on the night. The company is the only auction provider in Ireland which does not charge admission or marketing fees to enter its auctions, making it very appealing to property owners to sell through this auction service. Furthermore, in addition to the public auction events the company offers an online auction system where all bids are made visible on its website www.connachtpropertyauction.ie, making the bidding process easy and transparent for both the buyer and seller.

The Connacht Property Auction is inviting property owners who are seeking to sell their property before the winter lull to contact the auction team today. “There is certainly a shift in the property market since the beginning of the year and property transactions have improved vastly. We are expecting a strong end to 2014 and the strongest period of sales for some time, partly down to the property capital gains tax exemption which is due to end on December 31. Basically, the relief applies where land or buildings are acquired and held for a period of seven years. Any gain on disposal referable to that seven year period is tax free [no income tax or capital gains tax],” commented Patrick Folan of the Connacht Property Auction.

Folan went on to say: “We work in close partnership with over 40 established auctioneering firms from throughout the province and ensure all properties are advertised and promoted in all the right papers, websites, and property portals to effectively find buyers for each property. We offer both ‘traditional’ and the ‘modern method of auction’ which enables both cash and mortgage buyers to buy through our auctions which in turn allows us to sell to the full marketplace and to achieve a fair sales price for our vendors. Before any property comes to the market, the auction team will agree a minimum reserve figure with the vendor - giving the property owner total control over their minimum walkaway figure. Bidding can also continue past the reserve price until the highest bidder has secured the property, meaning the property owner will walk away with open market value for their property.”

Contact The Connacht Property Auction on (091 ) 882121 to arrange for a free property valuation or for more information visit www.connachtpropertyauction.ie

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