Thinking Of Selling at Auction
Benefits of Selling at Auction
8 Weeks From Instruction To Completion
Auction can provide the fastest route to achieving a sale. A legally binding contract between the buyer and the seller is formed upon the fall of the gavel. The majority of sales complete within the following 28 days. If you need a quick sale, then you should consider selling at auction.
No Price Ceiling
Competitive bidding during the short selling window can lead to properties selling for much more than expected because purchasers have less time to negotiate. In past auctions lots have sold for in excess of £100,000 over their guide price. And, as vendors set the minimum value we are allowed to sell at, there is no risk.
Auction properties benefit from broader, more intense marketing which is essential for maximising exposure and interest throughout the short selling period. We have a large database comprising over 10,000 investors from across the UK and abroad who we distribute copies of our auction catalogues to. We also regularly advertise in key printed media and list all of our properties on leading property portals such as Rightmove.
Reduced Risk Of Sale Falling Through
Buyers are legally bound to pay a 10% deposit immediately upon fall of the gavel and the remaining balance within 28 days. The fast pace of the transaction and the requirement of a deposit reduces the opportunities for gazumping and vendors withdrawing so fewer sales fall through in comparison to estate agency methods.
You Can Plan Ahead
Property auctions allow you to identify a date by which a property might be sold thus enabling you to successfully plan ahead. If you have found your next property but need to sell before you can complete, you need to act quickly and selling at auction is probably the quickest way to achieve this. By delaying you run the risk of waiting too long for a buyer to come along and during this time you could well lose out on your new purchase.
The Selling Process
One of our experienced valuers will visit your property and provide you with a free, no obligation market appraisal. At this meeting we will advise you on the auction procedure, confirm if auction is the most appropriate method for selling your property and provide an accurate valuation.
Formally Instruct Us As Your Selling Agent
At this point we will ask you to confirm the reserve and guide price. These figures should be realistic and based around our valuation recommendation in order to maximise your chances of selling. Sign and return a copy of our contract and terms of business and pay the auction entry fee by cheque or debit/credit card.
Once we have received the above we will immediately begin to market your property by placing it on our website, Rightmove and EI Group. When the catalogue officially closes copies will be circulated to over 10,000 investors from across the UK and abroad. The auction will also be supported by regular advertising in key press
Instruct A Solicitor
You will need to instruct a solicitor who will produce a legal pack containing the full conditions of the sale of your property, and who will manage the sale through to completion should you receive and accept an offer.
We employ professional viewing clerks who will accompany potential purchasers on property viewings. We request that a set of keys are left at our office or arrangements are made so that we have ongoing access throughout the auction period.
Offers Received Pre-Auction
If we receive an offer on your property before the auction we will notify you and it is at your discretion as to whether to accept it or not. We will of course provide you with our professional advice on what we think you should do.
The catalogue will be offered in lot ordered. Should bidding on your property reach or exceed the reserve price the auctioneer will sell to the highest bidder. The fall of the gavel signifies the start of a binding agreement between the buyer and seller.
The buyer is legally contracted to immediately pay a 10% deposit and the remaining monies must be transferred within the 28 days that follow
We will continue to market unsold lots for 8 weeks after the auction date.
Your solicitor and the buyers solicitor will progress the exchange of contracts and completion will normally occur in 3–4 weeks.