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Questions Related To Selling Property At Auction

What do you sell?

Auction Agent sells a wide range of property types and values. This includes residential, commercial, mixed use properties and land. Please feel free to contact a member of staff if you are interested in selling a property.

How much does it cost to sell through your auction?

Auction Agent only charges commission upon sale. We do not charge an entry fee, unlike other
auctioneers. This significantly decreases the barrier to entry and makes the decision to sell with us a lot
easier.

How quickly are properties sold through your auction platform?

We can help sell your property as quickly as 4 weeks from the day of the auction. It is crucial for
properties to be marketed properly and sufficiently. The general rule is, the longer a property has been
marketed, the more interested parties we can gather. A property is typically marketed for 4 to 6 weeks
prior to the auction day. It is, however, possible to only market a property for as little as 2 weeks. We
may advise you to reduce your guide price to attract more hype due to reduced marketing timeframe.

What is a Sales Commission?

Sales commission is the commission payable to the auctioneer upon successful exchange of contracts.
The rate of commission is usually fixed; it is, however, always advisable to double check legal packs to
confirm as it may differ from property to property. Please contact a member of staff for more
information. We may even offer discounts, if you decide to sell through us in wholesale!

Which type of properties are suitable in auctions?

There are no criteria for this. Choosing whether to sell through auctions or real estate agents should
only be decided by the urgency in which you want a property sold. Auctions generally complete property
sales significantly faster than a real estate agent would.

Can I set the price in which I am comfortable to sell at?

Yes, this is often referred to as the Reserve Price. Sales cannot go through if the maximum bid does not
meet or exceed the reserve price. You can, therefore, rest assured that you will not sell a property
significantly lower than you would want to.

How are properties valued for auctions?

It is general practice for a member of staff to visit the property to inspect the condition of it. We will also
ask further questions to get a better understanding of the property. Furthermore, we will advise you
what we believe the property would be sold for and what we suggest the best guide price should be.

How will my property be marketed?

We have various ways of marketing properties including – but not limited to – popular online property
platforms like Rightmove/Zoopla, on our website, through our private database of investors, in our
office and sign boards etc.

Why should I sell through your auction?

The biggest reasons why one should sell through Auction Agent rather than a real estate agent or other
auctioneers is due to its speed, certainty and lack of barrier to entry.
It is stipulated in the sales contract that all transfers and exchange of contracts should be completed
within 28 days of the auction. This is significantly faster when compared to a real estate agency, where it
may potentially take months to complete.
Certainty is also a huge factor because, as soon as the gavel falls, the highest bidder is contractually
obliged to buy the property, subject to the reserve amount. No time is therefore wasted going back and
forth between the two parties.
Finally, we do not require any upfront fees to start marketing your property. You, therefore, do not need
to worry about wasting any money if we do not help you sell!

Can I sell a tenant occupied property?

It is generally better to sell a tenant occupied property. This is, however, situational. You may opt to
serve your tenants notice if the buyer is looking to live in the property themselves or wishes to refurbish
it. Please contact a member of staff so that we may better advise you as each property should be looked
at on a case by case basis.

Do I need a solicitor?

Yes, you will need a solicitor to prepare legal packs of the property and will require one to conduct
conveyance upon confirmation of sale. It is always advisable to appoint a solicitor with auction
experience as special expertise would be required.

I need a quick sale. Can you help?

Yes, we most certainly can. Someone looking for a quick sale should always go through auctions instead
of real estate agents. We can almost guarantee a quick sale if your property has a very attractive guide
price!

Should I try selling through a real estate agent before an auction?

No, this will generally work against you as fresh new property listings in the market would have a much
better response from the public than one that has been marketed previously. This is due to potential
damages done through incorrect pricing and the length of being on the market. You should always go
straight for an auction sale if you have the intention to do so from the start.

Will my property sell for more than the guide price?

Properties in auctions generally sell for higher than their guide price, however this is not a guarantee.
The selling price is typically based on the amount of interest, initial guide price set and the amount of
hype we bring through marketing and the auctioneer.

Can a buyer change their mind after making a successful bid?

Contracts are legally binding upon the fall of the gavel. It is technically possible for the buyer to change
your mind; they, however, will be breaching the sales contract. They will, consequently, suffer heavy
financial penalties including – but not limited to – losing their 10% deposit to the seller.

Can a buyer renegotiate the price after winning the bid?

No, it is not possible as the sale contract is already fixed, confirmed and exchanged upon the fall of the
gavel.

Does selling through an auction mean that I will get less for my property?

No, this is not the case. Properties that marketed and priced right often sell higher than they would
through a real estate agent. Please contact a member of our staff to discuss this further.

Our team are on hand to answer questions and you can call us on 01706 940499.

If you prefer to email us fill in the form below and we will get back to you as soon as we can.

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