SELLING AT AUCTION is a great way to secure a quick sale and avoid the pitfalls of a sale falling through at the 11th hour under traditional selling methods.
The Reserve Price is the minimum price an auction property can be sold for. As the seller of a property being sold by auction, you get to agree the reserve price. The auctioneer has a legal obligation to make sure the property is sold at or above the reserve price to the highest bidder.
A guide price is there to give buyers an indication of the price that your property is expected to sell for and to help start the bidding process. A realistic guide price attracts buyers and stimulates competitive bidding, so you can get the best price for your property. The guide price can range up to 10% or more of the asking price.
An offer can be accepted at any time at pre auction (before the auction) or post auction (after the auction), or at the fall of the hammer. (after bidding has completed). As soon as the property has sold or within 24hrs of pre or post auction offers, the buyer is legally obligated to pay a 10% deposit and exchange contracts straight away.
BUYING AT AUCTION is a great way to secure a purchase and avoid the long drawn out pitfalls of a sale falling through.
You can avoid the price increasing on you at the last minute after a price had previously been agreed.
You can substantially limit the chance of the seller pulling out of the sale after you have spent money on surveys or fee’s.
We offer flexible completions which can be 7, 14, 28, or 60 days after contracts are exchanged.
AUCTION MYTH BUSTERS
Only people with cash buy property at auction – False
Most of our properties are sold to buyers with mortgages. The flexible completion dates means that you have time to deal with matters relating to your mortgage.
Only run down properties are sold at auction – False
All kinds of properties including beautiful stately homes are sold at auction. Its not about the property, its about the process!! More and more people are selling their property by auction because its fast, efficient and reliable.
I only have a limited time to move out or complete the sale – False
You can choose the date for which completion of the property takes place.
THINGS TO BE MINDFUL OF WHEN BUYING OR SELLING VIA AUCTION
Once contracts are exchanged, the sale is legally binding.
There can be hefty penalties involved for either party in the event of a sale not moving forward to completion if purchased or sold under auction terms. This can include being liable for the full cost of the property purchase or loss’s incurred by either party as a result of a sale not completing.
Give yourself time to get a survey done on the property if required.
Be sure to check the legal auction pack and ensure your mortgage is agreed in principle and funds are in place prior to bidding on a property.
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