FAQ'S SELLING & BUYING PROPERTY AT AUCTION
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