‘Auction the way to go’

O’Donnellan & Joyce Auctioneers predict that their first auction of 2012 will be busier than ever.

Colm O’Donnellan said there had been a sharp rise in enquiries on the auction process and it seemed that auctions are now the preferred method for a lot of people who are anxious for a fast sale. Of course, he said, it is all down to pricing and sellers have to be realistic or sufficient interest cannot be generated.

October, November and December auctions brought renewed hope to the property market in Galway, with first time buyers out in force and a volume of activity that had not been experienced in previous months.

Mr O’Donnellan said the lower end of the market had been extremely active, with buyers looking for value for money.

He said a substantial number of the buyers are fortunate enough to have mortgage already approved and are seriously considering their options as they find themselves in a very strong position when it comes to negotiating a sale at discount prices.

The majority of the activity is in and around the city. Within three miles west and three miles east, buyers are looking for homes within easy access of all facilities. Properties on large sites in the outlying towns and villages are selling but at a fraction of what would have been once achieved. However, these are very good value for money and wonderful family homes in well-established community areas.

Commenting again on the success and popularity of auctions, Mr O’Donnellan said that in an auction sale, your negotiator will agree an AMV, which is also the reserve price, with you prior to the auction.

“The reserve price is the minimum price you are willing to accept, however we do advise all our clients to be realistic with the reserves if they want to sell on the day. After the bidding and, assuming the property sells at the auction, the contract is signed by both parties and a ten per cent non-refundable deposit is paid by the purchasers. So at this point in time the property is actually sold, which is music to many people’s ears!” he said.

O’Donnellan & Joyce run a five week intensive campaign during the lead in to all auctions. For the duration of this time, each property for auction is open for viewing twice a week – on one weekday and always on a Saturday at a particular time.

During the open viewing, interested parties are free to come and inspect the property and familiarise themselves with every aspect of it. A member of staff of O’Donnellan & Joyce is always in attendance at the viewings to advise and answer any questions that might be asked about the particular property and the auction process.

Private viewings are also accommodated for anyone that might not be in a position to attend an open house. Properties also have the benefit of all websites for some time prior to the commencement of advertising and during the week leading into the auction properties are advertised on a number of radio stations both local and regional.

O’Donnellan & Joyce are now offering the facility of phone bidding for anyone who wishes to avail of this facility. Simply register your details with the O’Donnellan & Joyce offices on 091-564212, and one of their sales team will ring you from the auction room and bid on your behalf.

A ten per cent deposit of the AMV in the form of a bank draft or personal cheque together with ID and a letter of funding must be deposited with O’Donnellan & Joyce prior to the auction for each property you are intending to bid on.

O’Donnellan & Joyce are synonymous with auctions both in Galway and indeed surrounding counties and can boast a success rate of 93 per cent for 2011, which they believe is the highest in the country.

O’Donnellan & Joyce are now taking bookings for their next auction, which will take place on Friday 24 February at 3pm. Advertising for this auction will commence on Thursday 26 January, so anyone wishing to have their property included should contact the offices of O’Donnellan & Joyce on 091-564212 or Colm O’Donnellan on 087-2887446.