Spring Property Sale by Auction

Explanation of the Property Prices

There are four prices:

1) Your minimum price (private and never published)

This is the price that the property owner expects to receive AFTER Agents commissions etc.

2) Reserve Price (private and never published)

This price is private between us (VSS and the Agent) and the owner (seller) of the property, is private and is never disclosed. The Auctioneer will not sell the property below this reserve price. 

Reserve price = owners minimum price + VSS Commission (1.5%)

e.g. (1) If a property is sold at auction for 200,000 Euros the breakdown is as follows:

Owner receives: 197,000 Euros (owners minimum price was 190,000)

VSS (The Auctioneer) receives: 3,000 Euros (1.5% Auction commission)

e.g. (2)  If a property's best bid at auction is 200,000 but the reserve price is 210,000 

The property is withdrawn pending discussion with the owner (or agent) and the Auctioneer. 

e.g. (3)  If a property's best bid at auction is 200,000 but the owners minimum price is also 200,000 (i.e. Not sufficient money to owner plus  commission of 1.5% to Auctioneer):

The property is withdrawn pending discussion with the owner (or the Agent) and the Auctioneer. 

Solution: 

1) Maybe a deal could be done on reduced commissions.

2) Maybe the owner will accept a further reduction in price.

3) Maybe everybody meets half way.

3) Guide Price

This is the price that the Auctioneer suggests would be appropriate to generate interest at the Auction. It could be the Market Price, less projected renovation costs. 

Generally it is somewhere between the Reserve Price and the Market Price, but not always. 

4) Market Price

This is price at which the property is marketed publicly by Estate Agents. 

TESCO Supermarket

'every little helps'

INGDirect

'It's your money'

Going Places

QuickSave Supermarket

Barclays Spain

Hertz RentaCar

Halifax

'Get a little Xtra'