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Selling property at auction
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Selling property at auction

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  • 1. Keywords: Selling Property at AuctionSelling Property at AuctionHas Good BenefitsSelling property at auction has good benefits and you must not hesitate to sell your property whenyou understand that auction do maximises sales value of properties at auction desk. When a hammeris struck, exchange of contracts begin on the same of auction sale, the seller will receive ten percentof the deposit immediately and within 28 working days, transaction of the sale is complete.Selling property at auction cannot be renegotiate and sellers nor the buyers can ever change anyterm or condition mentioned in the sale deed. The deposit fund is ten percent and it is credited intosellers account only after the formal discounting auction house fees. You will find an intensemoments when auction is in progress and usually for a good property you will always find a hugecompetition. Since auction involves the process of bidding and the value of the property begins toincrease depending on the demand a particular property develops in the markets. If your property isat a good place then place it in an able auctioneer, you will find it auctioned at a greater price thanbeing sold through an estate agent.Reserve price is a value you do define to get on selling property at auction and if your property doesnot get attention at the auction then you will be given advice by auctioneer accordingly, You canalso reconsider the business proposal offers of others and you will be allowed to continue yourcontract with the auctioneering.It may take for auction of your property days or weeks in selling property at auction.Usually, an unsold property can be sold within a period of 24 hours of the auction ending and delayin selling of property at auction may not occur. You will be permitted to attend auction and in anycase if your property does not get auctioned on time and also if your quote is not. You are of course more than welcome to attend the actual live auction, if your property does notsell prior to the auction date. It is important to remember that the auction house will not submit aguide price that is unrealistically high, basically because they aim to sell the property fast, usuallywithin four weeks.Future Property AuctionsIf you want to sell property fast and receive a realistic price for your property, then selling yourproperty at auction is definitely right for you.If you decide that you want to proceed with the auction process you will need to register yourproperty with us in good time – at least 4-6 weeks ahead of the scheduled auction date to ensureyour property receives the maximum exposure. To get started simply request our no obligation,(--------------)
  • 2. Property appraisal Our auction partner will perform your property appraisal and advise you whether they think yourproperty is suitable for sale by auction.Guide priceAfter your free property valuation a guide price will be recommended, which will help you todecide whether auction is the right route for you.The right moveAfter agreeing on both a suitable guide price for your property and property sale commission fee,you will receive an auction agreement which you will sign and return before marketing begins.Marketing your propertyThere is a fee to cover the inspection of the property, marketing and property catalogue productioncosts. Entry fees normally range from £200—£400 + VAT, depending on the auction house thatwill be managing your property.Property catalogueThe auction property catalogue details all the lots that will be offered in the next sale and includescolour photographs of each property. The catalogue is distributed to those who request a hard copy
  • 3. as well as being available in an email version online, both with our auction partners and on the UKAuction List website.In addition to featuring your property online, the printed property catalogue will be mailed toseveral thousand people, targeting individuals who have previously expressed an interest in similarproperties for sale, as well as adjacent occupiers, local agents, local developers, builders, andproperty companies.On the advertising side, your property will be featured in the key property publications, as well asappearing in local and regional newspapers.Commission for property sellingDraft sale particulars will be sent to you for approval and/or amendments. At the same time yoursolicitors will be instructed to prepare a legal pack containing special conditions of sale, titledocuments, leases (where applicable), searches, planning documentation and office copy entries sothat they are ready for dispatch to interested parties.Property agreement contract - draftDraft property agreement contract containing sale particulars will be sent to you for approval and/oramendments. At the same time your solicitors will be instructed to prepare a legal pack with specialconditions of sale, title documents, leases (where applicable), searches, planning documentation andoffice copy entries so that they are ready for dispatch to interested parties.Viewings
  • 4. Where applicable, regular viewings of your property will be carried out at pre-arranged times.These viewing times will be published in the property catalogue and online.Legal pack for a property sellThe legal pack for selling your property will need to be made available through your solicitor.Buyers can receive documents by post if they so request. Some auction houses allow for the legalpacks to be downloaded online.Property offer managementDuring the marketing period, all interest and enquiries are logged. Our auction experts will maintainclose contact with potential buyers and liaise with you throughout as well as reporting any offersmade prior to the property auction sale.Reserve pricePrior to selling your property at auction, a reserve price will be agreed with you. This is the levelbelow which the auctioneer will not be authorised to sell – basically a reserve price is the lowestprice you are prepared to accept for your property. It is important that the reserve price is set at arealistically achievable level.Sell property fast and safe - The Auction Day!For vendors it is important to note that the fall of the hammer represents an exchange of contractsand the successful bidder is legally obliged to pay a deposit, usually 10% of the purchase price, andsign a memorandum of sale before leaving the room. The buyer has purchased your property at thefinal bid price. They cannot renegotiate and cannot change any of the terms stipulated. Completionusually occurs 20 working days after the auction when the balance of the price is payable. Thedeposit funds are then paid to you less our auction house fees. The atmosphere of the room can beextremely exciting and competitive. The prices achieved at auction can often be higher than thoseachieved by private treaty, i.e. through an estate agent.Property at auction, but reserve price not reached?If your property fails to meet its reserve price at the property auction, someone may still wish to buyit. You will need to decide whether to accept any subsequent offer and advise the auctioneer
  • 5. accordingly. The property may even be sold in the days or weeks after the sale as the auction housecontinues to market the property. It is quite common for an unsold property to sell within 24 hoursof the auction ending as potential buyers may have simply been delayed etc. You are of course morethan welcome to attend the actual live auction, if your property does not sell prior to the auctiondate. It is important to remember that the auction house will not submit a guide price that isunrealistically high, basically because they aim to sell the property fast, usually within four weeks.Future Property AuctionsIf you want to sell property fast and receive a realistic price for your property, then selling yourproperty at auction is definitely right for you.If you decide that you want to proceed with the auction process you will need to register yourproperty with us in good time – at least 4-6 weeks ahead of the scheduled auction date to ensureyour property receives the maximum exposure. To get started simply request our no obligation,