O’Donnellan & Joyce has announced that it will hold the largest property auction ever held in the west of Ireland on May 25,when it will place the largest number of properties ever to go up for sale on one day in the Victoria Hotel, starting at 3pm.
Following the success of last year and recent auctions where O’Donnellan & Joyce sold more than 100 houses by public auction it has decided to hold the biggest property auction to be held outside Dublin. The majority of the houses for sale will be throughout Galway city with a substantial number of them in rural areas as well. The list is currently being complied and anyone interested in registering a property for the auction should contact the O’Donnellan & Joyce auction team on 091 564212.
O’Donnellan & Joyce has created a niche market in the disposal of properties by public auction. Colm O’Donnellan of O’Donnellan & Joyce outlines that the advantage from a seller’s point of view is that all buyers must be organised and will either be cash buyers or have loans confirmed prior to the auction. This is the major attraction from a seller’s point of view, as once the auction hammer falls the sale is concluded and the contracts are duly signed and are totally unconditional.
Auction sales are not subject to loan approval, are not subject to engineers’ report, and are not subject to the sale of alternative properties. All buyers must be organised prior to attending the auction. A substantial number of the purchasers are cash buyers but in the recent auctions finance has been provided by a number of the major banking institutions. Ulster Bank and Bank of Ireland have set up stands outside the auction room in order to provide finance for suitable interested clients. In addition in recent auctions a number of foreign buyers have entered the market with one woman from London commenting at the last auction that she had never seen such value on offer. The auction room is normally made up of owner occupiers seeking to purchase but in recent auctions a number of investors are starting to enter to acquire residential investments in what is perceived to be exceptional value.
O’Donnellan & Joyce has built in recent years a substantial team around the auction properties and each property is marketed intensely prior to the auction. Open viewings take place twice a week and also private viewings at any time of the day in order to accommodation interested parties. In addition there is a legal pack with each property that proposed purchasers can view prior to the auction. All the details of each property will be placed online on the national website Daft.ie and O’Donnellan & Joyce’s own website www.odonnjoyce.com The advised minimum value is normally what is referred to as the minimum price sellers are prepared to accept. Each property is carefully analysed by O’Donnellan & Joyce prior to the auction in order to make the prices extremely attractive to buyers. Most buyers who attend the O’Donnellan & Joyce auction comment on how straight forward the whole process is but stress the importance of doing their homework and due diligence prior to the auction day. The auction process is becoming the standard method for sellers to move properties quickly and for buyers to acquire properties at value.
The auction process is transparent for buyers and there is great excitement on the day, with purchasers trying to obtain the properties for a little as possible, especially if there is limited interest. Many a buyer leaves the auction room with a smile on his/her face having snatched a bargain. The auction rooms are typically attended by 300 to 400 potential buyers. The auction process has delivered a huge boost of confidence to the market as potential bidders can now see other buyers willingness to purchase.
O’Donnellan & Joyce has proven that the auction is effective in openly establishing the best price for a wide variety of residential, commercial and a mixed use properties in all locations throughout Galway and the surrounding counties.
O’Donnellan & Joyce offer the service of phone bidding allowing a potential purchaser to bid while not being in attendance at the auction. O’Donnellan & Joyce auctions are regarded among the best in the country with large screens displaying all the properties in several different locations throughout the Victoria Hotel. There is food and refreshments served to the attendance. The auctions are conducted at a fast and furious pace and can be hilarious and theatrical, but are always held in a business like fashion.
Anyone who wishes to place properties up for auction on May 25, should contact the O’Donnellan & Joyce auction team (091 ) 564212 or 568403.