Are you looking for Buy to Let Property in York, Lancashire? Selling property at auction is one of the fastest and easiest ways to get a good price for residential and commercial property in a seamless process. Property auctions in York, Lancashire differ from traditional property sales. Once the vendor agrees the sale price with the buyer, a non-refundable deposit is paid immediately. Because of this, there is less chance of the sale falling through somewhere down the line.
Through our ‘unconditional’ auctions, buyers are able to bid or put an offer on properties prior to the physical auction. And if the seller agrees to the bid or offer, the deposit is paid. Once this is done, the property is taken off auction. Completion is expected within 28-days.
Likewise, you could be looking to buy property, as a buy-to-let, a new home to live, or a house you just want to flip. Buying at auction is again a relatively quick and easy way to get what you are looking for.
Looking for York, Lancashire?
FAQ’s Selling – Property Auctions in York
For York, Lancashire. Although each auction house or company has a different process, these only usually differ in the fees charged. Some property auctions in York, Lancashire charge the seller a commission based on the sale. However, Penny Joseph & Town & Country, do not charge the property seller any agency fees whatsoever. This is because our buyers pay a fee when buying property through us, our expenses are met.
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.
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.
Contact information if you are looking for Buy to Let Property Lancashire
We have a number of agents working within and around Lancashire and Merseyside. If you would like to sell a property, or perhaps have a valuation undertaken on it, you can call us for an informal chat. As agents in property auctions, buy to let investment, negative equity, and below market value property. We can also offer advice, based on your particular situation.
For more information on Buy to Let Property in York, Lancashirecontact us at firstname.lastname@example.org, or telephone 01704 53541.