The property auction experts
Next auction
Thursday 29th March 2012
Previous auction
Thursday 3rd November 2011
Auction Sale - A Guide To Selling
How does Auction Sale work?
If you are considering entering your property for auction sale, we will be happy to visit the property you plan to sell and provide a thorough and balanced assessment of its suitability for sale by auction versus private treaty and at no charge, we will happily provide you with written confirmation of our advice and our terms.
Should you decide to enter the property for auction sale, we would require a signed Auction Entry Form together with an Auction Entry Fee of £250+VAT which is not refundable. The Auction Entry Form would commit you to paying our fee when the sale completes which will be 1.5% of the sale price plus VAT or a minimum fee of £995 plus VAT.
A solicitor would need to be instructed to prepare the contract and supporting documentation in readiness for the sale and an Energy Performance Certificate will need to be commissioned for the property. We would be happy to assist in making a referral to a solicitor and arranging the Energy Performance Certificate on your behalf.
A guide price would need to be set prior to marketing the property for sale. We would recommend a very tempting guide price be set in order to stimulate the maximum possible amount of interest in the property.
Once marketing starts, we would erect a For Sale board and advertise the property extensively in The Sentinel in the run up to the sale. We would prepare sales particulars for the property and ensure these were uploaded to our website and associated portals including rightmove.co.uk and findaproperty.com as well as including the property in our Auction Catalogue. If required, we would also be responsible for accompanied viewings. These services would be provided at no additional charge. Prospective buyers may offer on the property prior to the sale and if this happens, we will of course refer all offers to you for your information and consideration. If an acceptable offer is received by a buyer ready, willing and able to contract to purchase prior to the auction date, it may well be that you wish to consider selling prior to auction.
Alternatively, if the property goes to auction we would advise it be sold subject to a minimum or reserve price which would be fixed by you the week or so prior to the auction date in consultation with ourselves and in the light of interest shown in the property and offers received.
Should the property sell, the buyer will be asked to sign the contract to legally bind them to complete the purchase and they will need to pay a deposit (usually 10%).
After the auction sale, the necessary documentation will be sent to both your solicitor and the solicitor for the buyer who will then ensure that completion of the sale takes place.
