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Auctions

Selling property through our auction couldn’t be easier, with no estate agency fees to pay and the deposit paid by the buyer securing the sale. The majority of our properties are offered for sale via the Modern Method of Auction. This is not to be confused with the Traditional Method, where a legal exchange of contracts is required immediately after the auction ends. Our auction is a more client-friendly process, still based around a fixed timescale but allowing longer periods for exchange and completion to further accommodate the residential buyer and seller.

 

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– Residential sellers guide –

 

 

 

Choose Your Sales Method

Modern Method
Upon the close of the auction, the successful purchaser is required to pay a reservation fee/deposit and sign a reservation form. In return for this the buyer reserves the right to unconditionally exchange contracts on a property at an agreed price within 28 days and complete 28 days thereafter. This method is more suited to the residential purchaser, allowing time for surveys and finance to be arranged.

Traditional Method
Contracts are exchanged immediately, with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional as it is legally binding.

Choose Your Preferred Payment Method

Vendor Paid
You can opt to pay the sales fee instead of the fee being charged to the purchaser. If you decide to do this we will take a non refundable deposit from the buyer secure the sale.

Reservation Fee (Paid by the Buyer)
Under this payment method, the buyer will pay a non refundable reservation fee in addition to the purchase price. This covers the costs of the auction and as this is paid on a non refundable basis, you know the buyers is serious and in a proceedable position.

 

 

 

The Auction & Sales Progression

Once you have selected your auction and payment type, you will be assigned a personal auction coordinator who will keep you updated with viewing feedback and bids. Your auction coordinator will become your point of contact; they will provide weekly activity updates and guide you through the process. Upon successful conclusion of the auction, our expert sales progression team will manage the sale through to completion and keep you updated at every step along the way.

Auction Packs

If you decide to sell your property via auction, you will need an auction pack for your property. These packs contain important information about your property that a potential purchaser needs when deciding whether to bid. These packs include the following things:

  • Local Authority Search
  • Property Information Questionnaire
  • Water & Drainage Search
  • Reservation Form or Contract
  • Title Plan & Register or Epitome of Title
  • General Terms & Conditions
  • Fixture & Fittings Form
  • Any special Conditions of Sale

Our legal partners Medway Law can provide a pack for you. If you choose to instruct us on the sale of your

 

property we will discuss all the options and costs with you. For further information you can contact medway law.

Should you wish to provide your own auction pack we will need a copy before we are able to successfully sell your property.

Seller Benefits

An increase in interest on your property
The pricing strategy that we employ creates increased levels of interest and viewings that heightened the chances of selling your property quickly.

Achieve fair market value
Think about how an owner of a piece of fine art maximises its value? They sell it at auction! Due to the increased marketing and unique pricing strategy that we operate, we guarantee to get you the fairest price in the current market. A property will always sell for what its worth, plus you have a reserve price so you know it won’t sell for anything less than the one you are happy with.

A fixed date to sell & move
Fixed time scales for exchange & completion provide clarity for both parties. A fixed time scale is not often set when selling a property through private treaty with sales taking much longer than anticipated. This added security is a big benefit to most vendors looking to move forward with confidence.


– The buyers guide –

Check which method the property you are interested in is being sold under. Properties can be sold under two methods; the modern or traditional method, see below for more information.

Modern Method

The successful purchaser is required to pay a reservation fee /deposit and sign a reservation form. The buyer reserves the right to unconditionally exchange contracts on the property at an agreed price within 28 days and complete 28 days thereafter.

Traditional Method

Contracts are exchanged immediately, with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional. We will require a 10% deposit paid on a non refundable basis and in some cases a reservation fee as well.

Check if the property is subject to a reservation fee or deposit

Reservation Fees

If a reservation fee is due, this will be clearly shown on the specific terms and conditions on the individual property page. You should check if a reservation fee is due before bidding on any property. Sales are subject to a reservation fee which covers our costs, (unlike traditional property transactions where the seller pays the fee).

 

This is a percentage of the final selling price, and is in addition to it. The reservation fee reserves the property for the buyer and must be paid at the end of the auction by the successful bidder. If the sale falls through due to an act of the vendor the reservation fee will be refunded in full.

Deposits

If a deposit is due, this will be clearly shown on the specific terms and conditions on the individual property page. This is paid at the end of the auction and is held in a secure client account until exchange of contracts takes place. The amounts can vary on properties, so please check the terms and conditions.

Buyer information pack fees

Buyers will be required to pay for the preparation of the Buyer Information Pack. The cost is £166.67 + VAT (£33.33) = £200

 

Buyer benefits

A quick & easy bidding process

Buying a property through our auction couldn’t be easier. You can bid from your desk, from the comfort of your home, 24 hours a day, 365 days a year.

 

A  wide range of properties

Auction provides buyers with the opportunity to purchase realistically priced properties quickly and easily. All of the properties advertised through our property auction are offered by committed sellers at realistic prices. Many properties are vacant with no onward chain.

A secure transaction

The auction method also gives transparency for both buyer and seller as the sale is in the public domain so the fear of gazumping or re-negotiation is completely removed.

You can even buy with a mortgage

Depending on which auction option has been selected, you will have between 28 – 56 days to complete on the property. If you are purchasing through the Modern Method of Auction there is usually enough time to purchase with residential auction finance.

If you are unsure about any of the information provided in this guide, please do not hesitate to contact a member of the Auction Department for further clarification.