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Michael C L Hodgson

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Property can be sold either by Private Treaty, Public Auction or by Tender. Private treaty sales are recognised as the usual traditional method. Sales by Tender, when offers are made usually in a sealed envelope prior to a deadline, perhaps given an impression of “mystery” and very often potential purchasers are deterred because of the nature of the process. Public auction sales, especially in times of a buoyant market, are becoming an increasingly popular method of sale in order to achieve the best “open market value”. Under certain circumstances, such as a forced sale or a repossession by a Mortgage Company, the sale is advertised and announced with the indication of a low or realistic reserve price. This sometimes gives the wrong impression that sales by auction are a “last resort”. This misapprehension is far from the truth.

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