Selling Your Property At Auction

Seling your Property at GOING GONE A UCTION SELLING AT AUCTION 1 There are many benefits to selling at auction. The property buyers are serious and rarely change their minds once committed - something that cannot always be said of the usual route of selling property! It is quick and is often an ideal way to sell a property fast that is unusual or has been on the market with an Estate Agents without success. DO YOUR RESEARCH If successfully sold at auction you will be liable for a commission charge which is generally in the region of 2% + VAT depending on the value of the property. Shop around and get some quotes from the internet on varying rates offered by the different Auction Houses. Note auctioneers usually charge a fee to cover the inspection of the property. PREPARING FOR THE AUCTION Having decided to sell your property at auction, the next step is to appoint a property solicitor. Your solicitor will prepare contracts and the legal pack and will set out any special conditions that might be pertinent to the sale.You also need to ensure that the Energy Performance Certifi- cate for your property, which contains vital information, is in place prior to the sale. CHOOSING AN AUCTION HOUSE The auctioneer can provide you with a free, no obligation auction appraisal of your property. They will advise you whether we think your property is suitable for sale by auc- tion or not. After agreeing on a suitable guide price for your property and a commission fee you will need to sign an auction agreement. Auction Houses Listed Below: globrix. be Sold.com Must W W Ward (charrison Cottons Cheffins properties CHARTERED SURVEYORS & Partners ee AGENT OrrY AVOS AND ACONS SuttonKersh JONES LANG LASALLE Miller Metcalfe BRENDONS www.brendons.co.uk Eddisons savills &Lane Ar Owww.krep marts STRETTONS Clive Emson LANDAND PROPERTY AUCTIONEERS COLLIERS GODFREY mellor EDWARD VAUGHAN O King Sturge www.strettons.co.uk skb SuttonKershBinstock UK Athawes auction HOUSE drivers snorris goldings Son & Co Venmore RESERVE/GUIDE PRICES The auction team will recommend a guide price which you will need to approve before marketing begins. It is important to set the guide at a realistic price which is attractive to buyers. This will generate competitive bidding in the auction room, and ensure that the best price is achieved. PREPARING IN TIME Draft sale particulars will be sent to you for approval and/or amendments. At the same time your solicitors will be instructed to prepare a legal pack containing special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries so that they are ready for dispatch to interested parties. 6. ONCE THE PROPERTY HAS SOLD For sellers and buyers it is important to note that the fall of the hammer represents an exchange of contracts and the successful bidder is legally obliged to pay a deposit, usually 10% of the purchase price, and sign a contract of sale before leaving the room. WHAT HAPPENS NEXT The buyer has purchased the property at the final bid price. They cannot renegotiate and cannot change any of the terms stipulated. Completion usually occurs 20 working days after the auction when the balance of the price is payable. NOT SOLD AT AUCTION? If a property fails to reach its reserve price at the auction, someone may wish to buy it. The owner will need to decide whether to accept any subse- quent offer and advise the auctioneer accordingly. It is quite common for an unsold property to sell within an hour of the auction ending as potential buyers may have simply been delayed etc. There are also alternative routes still to sell quickly and easily, we will BUY your house FAST for CASH www.housebuyfast.co.uk Infograph designed and produced by House Buy Fast May 2013 8 4. 2N INIOE 7 Seling your Property at GOING GONE A UCTION SELLING AT AUCTION 1 There are many benefits to selling at auction. The property buyers are serious and rarely change their minds once committed - something that cannot always be said of the usual route of selling property! It is quick and is often an ideal way to sell a property fast that is unusual or has been on the market with an Estate Agents without success. DO YOUR RESEARCH If successfully sold at auction you will be liable for a commission charge which is generally in the region of 2% + VAT depending on the value of the property. Shop around and get some quotes from the internet on varying rates offered by the different Auction Houses. Note auctioneers usually charge a fee to cover the inspection of the property. PREPARING FOR THE AUCTION Having decided to sell your property at auction, the next step is to appoint a property solicitor. Your solicitor will prepare contracts and the legal pack and will set out any special conditions that might be pertinent to the sale.You also need to ensure that the Energy Performance Certifi- cate for your property, which contains vital information, is in place prior to the sale. CHOOSING AN AUCTION HOUSE The auctioneer can provide you with a free, no obligation auction appraisal of your property. They will advise you whether we think your property is suitable for sale by auc- tion or not. After agreeing on a suitable guide price for your property and a commission fee you will need to sign an auction agreement. Auction Houses Listed Below: globrix. be Sold.com Must W W Ward (charrison Cottons Cheffins properties CHARTERED SURVEYORS & Partners ee AGENT OrrY AVOS AND ACONS SuttonKersh JONES LANG LASALLE Miller Metcalfe BRENDONS www.brendons.co.uk Eddisons savills &Lane Ar Owww.krep marts STRETTONS Clive Emson LANDAND PROPERTY AUCTIONEERS COLLIERS GODFREY mellor EDWARD VAUGHAN O King Sturge www.strettons.co.uk skb SuttonKershBinstock UK Athawes auction HOUSE drivers snorris goldings Son & Co Venmore RESERVE/GUIDE PRICES The auction team will recommend a guide price which you will need to approve before marketing begins. It is important to set the guide at a realistic price which is attractive to buyers. This will generate competitive bidding in the auction room, and ensure that the best price is achieved. PREPARING IN TIME Draft sale particulars will be sent to you for approval and/or amendments. At the same time your solicitors will be instructed to prepare a legal pack containing special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries so that they are ready for dispatch to interested parties. 6. ONCE THE PROPERTY HAS SOLD For sellers and buyers it is important to note that the fall of the hammer represents an exchange of contracts and the successful bidder is legally obliged to pay a deposit, usually 10% of the purchase price, and sign a contract of sale before leaving the room. WHAT HAPPENS NEXT The buyer has purchased the property at the final bid price. They cannot renegotiate and cannot change any of the terms stipulated. Completion usually occurs 20 working days after the auction when the balance of the price is payable. NOT SOLD AT AUCTION? If a property fails to reach its reserve price at the auction, someone may wish to buy it. The owner will need to decide whether to accept any subse- quent offer and advise the auctioneer accordingly. It is quite common for an unsold property to sell within an hour of the auction ending as potential buyers may have simply been delayed etc. There are also alternative routes still to sell quickly and easily, we will BUY your house FAST for CASH www.housebuyfast.co.uk Infograph designed and produced by House Buy Fast May 2013 8 4. 2N INIOE 7