FAQ'S SELLING & BUYING PROPERTY AT AUCTION
Property Auctions - Selling
- One of our experienced agent’s will carry out viewings on your behalf if you do not wish to carry them out yourself.
- If you live elsewhere and need an agent to oversee the process – we can do this for you at no charge.
With Penny Joseph & Town and Country it does not cost you anything to sell your property through auction. We do not charge the vendor any agency fees whatsoever. Our buyers pay a premium on property sales through auction, so you don’t have to pay us anything!
- No upfront legal fees for legal packs if carried out by our solicitor;
- Pay only your legal fees, on sale of property
- It can take as little as only 4-weeks to exchange a complete through selling property at auction.
- Once we have valued your property and verified ownership, you will be asked to sign a sellers agreement confirming the reserve price you have placed on your property. We then market your property at a guide price prior to any physical auction.
- Properties are marketed on popular property portals, such as Zoopla, OntheMarket etc. We also send details to our database of property investors.
- If buyers are interested, they will often place an offer on the property prior to the auction, which we discuss with you. If you want to accept the offer, the buyer will pay a non-refundable deposit of 5% of the sale price immediately and be required to pay the final sum within 28-days.
- During the time of the offer being accepted and completion, contracts will be drawn up and the legal aspect is undertaken.
- Most properties sold through us are done so before the physical auction takes place.
- When a property is sold in the auction room, the same principal applies. 5% deposit of property sale and 28-days to pay the 95%
- Most people who buy auction properties are cash buyers.
Buying Property through Auction
- We facilitate the vendor, buyer and organise the property particulars for the auction.
- We ensure that the buyer has all the information they need.
- We undertake viewings of the auction property.
- We liaise between vendor and buyer.
- We facilitate in the sales exchange and completion.
- We can offer advice on property investment, rental yields, property management and refurbishment.
There are 2, types of auction – conditional and unconditional.
UNCONDITIONAL PROPERTY AUCTION
In an unconditional auction, contracts are exchanged to the winning bidder immediately. Through unconditional auction, properties are actively promoted, prior to the public auction date, viewings are undertaken, and legal packs are made available. Bids can be made prior to the public auction and the vendor can accept the buyer’s offer. In such a case when the vendor agrees a price with the buyer, a 5% deposit of the sale price is paid immediately, along with the (Buyers Premium), which is usually £5000 + VAT. The property is then taken off auction. The buyer has then 28-days to pay the remaining money and the sale is complete.
Conditional auction is within the auction room under a bidding process. The winning bidder will pay a reservation fee, and during a 28-day exclusivity period, the buyer will organise the payment/funding and set a completion date, which would usually fall within 8-weeks of placing the winning bid.
When buying a property at auction, the winning bidder pay’s a Buyer’s Premium. This is a fee to the auction house. The fee can vary depending on the price of the property. Properties will state what the buyer’s premium is.
We operate an unconditional auction
No, you can use your own preferred solicitor. But, we do have our own in-house conveyancing team, if you would like to use them instead.
WHY PAY EXPENSIVE DEPOSITS WHEN YOU CAN PAY LESS AND STILL BE SECURED BY A TENANT DEPOSIT? OUR NIL DEPOSIT SCHEME MAKES THIS POSSIBLE FOR OUR TENANTS WITHOUT WORRY TO LANDLORDS
Whether you are a tenant looking for a home to rent, or a landlord looking for property management solutions, call us today on 01704 531541 to hear how we can help you