Property For Auctions - Why choose an Auction?

Property For Auctions - Why choose an Auction?

More and more people are choosing to sell property through an auction house because it’s a fast, conclusive way to sell with a wide viewing audience. In a period of financial change when more and more house owners are finding it difficult to pay their mortgage, property for auction allows buyers and sellers to find a solution to their property problems quickly and safely. Sellers are guaranteed a legally binding contract as soon as the hammer falls, unlike estate agent contracts, where the sale can fall through at the last minute. As the auction house becomes an increasingly popular selling method it appeals to a wider audience, with the likes of housing associations, investors, and letting agencies all wanting a piece of the property pie.

At HelpOnProperty we’ve outlined below WHY, HOW, and WHERE you can advertise your property for auction. Continue reading to discover whether this method of property sale is suitable for you. Or if you want to immediately find a property at an auction then click the link to visit our recommended specialist Auction partner.

Benefits of Selling At Auction

The auctioneers will want to find as many potential bidders as possible for your property, advertising through their own catalog as well as newspapers and magazines. In this way, you will gain the maximum exposure to attract the biggest number of interested parties. The wider the buying market the better, as competitive bidders may give you a better price for your property than you had initially hoped for.

Auctioneers are extremely experienced when it comes to giving you excellent property advice, keeping you up to date with the number of potential viewers, and letting you know whether your property is suitable for an auction sale. Other advantages of property for auctions include the legally binding contract which is confirmed when the hammer hits the table. The money transfer process should take between 20 to 30 days to complete, unlike a typical private treaty process through an estate agency. So to get started straight away just visit our partner site to Find Auction Property.

Where Can I Find an Auction House?

HelpOnProperty has an option to post houses for auction that buyers can browse. Our top piece of property advice would be to shop around, discuss your property with a number of auctioneers before deciding which deal suits you best. A professional auctioneer will be happy to give you property advice on everything from a reserve price to commission rates and legal paperwork, helping you achieve the highest price for your property when it goes to auction.

I've Chosen an Auction House - What now?

When it comes to property for auctions there are a number of legal papers and services which you will need to organize. Firstly, contact your solicitor in order to prepare a legal pack with all the relevant information on special conditions of sale, planning permissions, architectural plans, tenancy agreements, etc. Potential buyers can browse through this document before the auction takes place, and will usually be charged a small fee for the privilege. You should also discuss all the charges related to using the auctioneer from commission rates to appointment charges, and find out whether the auctioneer will be responsible for sale boards and showing viewers around your property.

Advertising Property At Auction

With a professional auction house, your property will be advertised on its own private catalog. In addition, local newspapers, magazines, and sales boards will be used to attract the attention of potential parties. The auctioneers want to make the highest commission, therefore it is in their interest to advertise as widely as possible.

Solicitor At The Ready?

To make sure everything is running smoothly, all paperwork and disclosures will have to be completed, and your solicitor will need to prepare all related documents before the auction. This will include the general conditions of sale and any amendments. You as the seller will be checked against the anti-money-laundering act and you will have to give proof of identity before the process can begin.

If for any reason you change your mind about selling or there are any significant changes in circumstance, you must inform the auction house before the agreed date of sale.

What happens on the day of the Sale?

The moment of truth has arrived and your property is ready to go under the hammer! At this time any change in catalog details will be amended and the catalogs will be given out to those attending the sale. Interested parties will also have the chance to make inquiries about any last-minute details. Before your property is sold, the auctioneer will describe the property and then the bidding will begin.

The sale is complete once the hammer has fallen and the buyer will typically have to sign the document and transfer a 10% deposit to the seller via a clerk or auction administrator. HelpOnProperty suggests that the seller knows exactly how an auction house deals with a property that does not reach the reserve asking price before the auction day. In this way, you will be aware of all the pros and cons of selling property for auctions in advance.

HelpOnProperty's Auction Summary:

  • Look around for the best Auctioneers near you.
  • Don't be afraid to ask the Auctioneers for advice.
  • Be prepared in terms of paperwork.
  • Understand fully how the Auction House works, especially about how they deal with a property that does not sell.
  • Knowledge is the power and by exploring your options you'll be giving yourself the best chance to make the most from your property.

About Us

HelpOnProperty is a real estate investment company that helps you to find your next money-making project. Once we find a good investment property that gives the best returns, we immediately list it for our investors. Whether you are a first-time buyer or an experienced investor we help you in making an informed real estate decision in today's market.

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HelpOnProperty does not guarantee any return to any person on the investment in any property listed on our website. Any decision to invest in real estate involves significant risks and may result in the loss of your capital. Make real estate investment decisions only after seeking independent legal, financial and business advice.