Online auctions have grown in popularity and frequency since the Covid-19 pandemic began, with Frank Regan of Frank Regan and Associates reporting positive results to his recent online auctions with five successful sales in recent weeks.
Last Friday, No 48 Gleann Riada, Longford sold for €67,000, which was 34% above the reserve of €50,000. No 48 is a two bed semi-detached residence in need of major refurbishment and modernisation.
The success continued when he sold No 8 Thomond Court, Ballymahon at the reserve price of €75,000. No 8 is a two bed 1st floor apartment extending to c.71sqm, in need of some redecoration and minor refurbishment.
Mr Regan explained, “The results from online auctions have been very successful in recent months. Many purchasers are content to view videos and virtual tours of properties internally online, which, no doubt, has contributed greatly to the success.
“Property values continue to increase across counties Longford, Roscommon and Leitrim due to the value for money to be got today as compared to the cost of construction.”
The online system offers the vendors two options: 1) where there is a set reserve and once that reserve is met the property will be sold at that figure or higher, if the bidding continues; 2) where you can see the auctioneer online. The auctioneer will invite opening bids on the property and when the undisclosed reserve is met the auctioneer will announce that the property has reached the reserve and is ‘On the Market’ to be sold now. The solicitor for the vendor will be present as well.
Mr Regan said, “This method is as close to a public auction as it was prior to Covid-19, which we hope we will get back to later in the year.”