Many people who are considering selling a property may be unaware that sale by auction may be as good or even better a method than more conventional means of sale.
Auction is an attractive option for some properties and particularly land, with competition often ensuring that auctions achieve higher selling prices than private treaty sales.
- Not all properties are suitable for sale by auction - one of our experts would be pleased to inspect your property and advise on its suitability. We will also discuss suggested guide pricing and a reserve price (the price below which you do not wish the auctioneer to sell your property at the auction).
- We will also advise on an advertising and marketing strategy, choice of venue, timescale and the costs involved.
- If required, we can also organise an EPC (Environmental Performance Certificate) for you and recommend a solicitor, who will need to obtain the Title Deeds and prepare any special conditions of sale and the sale contract, as well as putting in hand Local Authority and Land Registry searches.
- We shall keep you informed as to the response to our marketing campaign and shortly before the auction discuss with you whether or not the reserve price should be adjusted, either way, to reflect current market conditions and the level of interest shown.
- If the bidding exceeds this figure your decision to sell at auction has been justified. If the reserve is not reached then the property may still be sold privately, sometimes immediately after the auction to someone who has expressed an interest at the auction.
- If your property is sold at auction, a binding contract is formed at the fall of the hammer immediately following which, written contracts are signed and a deposit collected from the purchaser, usually 10% of the purchase price. Depending on the terms of the contract, the remaining 90% required to complete the purchase will usually be paid within twenty-eight days of the sale.