Snap up auction bargain

Alex McEntyre, of Tayler & Fletcher, said: “With a private sale, a buyer won’t know what the other bids are, whereas at auction the process is transparent as they can see who and what they are bidding against.

“The buyer knows they are paying market value and there is certainty, in that once the hammer drops it is a done deal.

”In these uncertain times, buying at auction can empower buyers.”

Mr McEntyre said there was potential to pick up a property for less, especially if it needed work.

But he warned: “A bidder needs to make sure all the necessary finance is in place as ten per cent of the purchase price is paid on the day and completion usually takes place within 28 days.”

Surveys and other inspections need to be done before sale day.

Mr McEntyre said: “Make sure you have answers to all the solicitor’s questions and reached the same point as if you were about to exchange contract in a private sale.”

Tayler & Fletcher has a number of properties going under the hammer next week.

Yarrow in Churchill near Chipping Norton, is a thatched, Grade II listed period cottage with garden and outbuilding in need of complete refurbishment and modernisation.

It includes two bedrooms, a bathroom, sitting and dining rooms, kitchen and gardens and has a guide price of £180,000-200,000.

Another lot is The Hayloft, a semi-detached Cotswold stone cottage in Enstone that also needs refurbishment.

It has a kitchen/breakfast room, sitting room with inglenook fireplace and exposed beams and stonework and a sun room with patio doors.

Upstairs are two bedrooms, a shower and attic room.

Other features include gardens with a lawn and patio, shed and greenhouse The Hayloft has a guide price of £230-260,000.

The auction is at The Frogmill Hotel, near Andoversford, Gloucestershire, on June 16 from 6pm.

For more information, contact Tayler & Fletcher on 01608 644344 or visit the company’s website at taylerandfletcher.co.uk