With this method of land Sale, the public bid for the land (with or without a reserve). Exchange takes place at the fall of the hammer.
There are various reasons for putting land into auction. An Auction is a good method of sale:
- For corporate bodies – where they need to demonstrate that they have obtained an open market value.
- Where a guaranteed sale is required
- Where there are issues with the land (which the foolish may not appreciate)
Some Estate Agents specialise in Auctioning and put land to auction as a matter of course. Auctions avoid timewasters and can produce some very good Land prices. Land auctions are still very seasonal taking place either between:
- March to the third week of July
- September to 1st week of December