Auctions Overview

 

Why use Auctions?

Auctioning property has a number of benefits to both the buyer and seller.

Much of the trauma and delay associated with buying and selling is eliminated as contracts are exchanged on the day of the sale with completion normally within 28 days thereafter.

There are no last minute negotiations and bidding in the auction room offers a transparent process to sellers and buyers alike knowing that the best deal has been done on the day of the sale.

The contract is binding on the fall of the gavel and if there is likely to be strong competition from potential purchasers, this method of sale is an excellent way of achieving a premium price.


Buying at Auction

Before bidding, purchasers should carry out the following:

  • Obtain a copy of the auction particulars and when available, the legal pack
  • Make an inspection of the property and ask any questions which arise during your inspection
  • Arrange a survey if required and ensure finance is available as 10% of the purchase price will be required on the day of the sale
  • Show the contents of the legal pack to your solicitor to ensure all documentation is in order and where appropriate, a Home Information Pack has been obtained

At the Auction
We suggest you arrive well before the advertised starting time. Courtesy coffee and biscuits are available and the time before the auction will enable you to become familiar with the room and ask any last minute questions of the auction team.

Ensure there are no last minute amendments to the particulars of sale relating to your particular lot.

Make your first bid clearly so that the auctioneer is aware of your interest. The auctioneer has no responsibility if a bid is missed and early, clear bidding is advised.

Selling at Auction
A member of Smith and Sons auction team will be pleased to meet you at your property to discuss whether or not it is suitable for auction and advise as to the costs involved in selling by this method.

A guide price will be agreed for inclusion in the catalogue and for all media advertising.

Terms and conditions will be issued which will include all aspects of our marketing campaign.

Smith and Sons will contact your solicitor to ensure that the legal pack is prepared well in time for the sale.

Following marketing of the property, we will report any offers received with recommendations as to whether or not an offer should be accepted before the sale.

On a successful sale, a deposit of 10% will be taken from the purchaser with completion arranged normally 28 days from the date of sale.

Properties Suitable for Auction
Our experience over the years of holding property auctions shows that the following property types are ideal for Auction

  • Houses requiring refurbishment and repair
  • Land and property suitable for redevelopment
  • Commercial investments
  • Properties of unique appeal

They attract a good deal of interest reflected in the high prices achieved which are often well in excess of the guide price.

Other Services
We are also able to recommend firms specialising in Bridging Finance and Property Insurance and have good contacts with most Solicitors and Banks.

 

 Smith and sons auctions
Contact: Chris Johnson
or Annette Shelley

51/52 Hamilton Square
Birkenhead, Wirral. CH41 5BN
Telephone: 0151 647 9272
Fax: 0151 649 0469
Email: aas@smithandsons.net