Well, for a start there’s no upfront charges for a glossy colour brochure and no commission after a successful sale. More importantly, most auction rooms sell non-standard property such as land, defective title and structurally challenged properties to CASH BUYERS whereas any standard property – including leasehold – can be bought via online auction by buyers who need a mortgage; thereby combining the speed of auction with the ability to achieve market prices. Or above in the event of competitive bidders fighting over securing their dream home ! BBC’s Homes Under The Hammer is worth a watch if you haven’t already !
The owner/seller does. Either unilaterally or with advice from your local property professional. The guide price needs to be attractive but auction often achieves high than guide anyway. The guide price is only there to give buyers an idea if it’s within their individual budgets, so that they can bid, so the guide price is agreed at the outset of marketing.
The reserve price is the minimum figure you want to achieve. Again, auctions often exceed the reserve figure unless it’s set unrealistically. The owner/seller sets the reserve price but not until just prior to auction.
On the Isle of Wight, which is the beta-test area for the UK, very little. Contact goingonce.net HERE and everything else will be done for you. In time, it is anticipated sellers will be able to upload their own property, if they wish.
It’s free to the seller. The buyer pays a reservation fee, as is normal at auction. That is paid at the point of sale and also acts as a non-refundable deposit, both keeping the sale together and ensuring the solicitor adheres to the timescale.
Then you’ve lost nothing, and it’s cost you nothing (with the possible exception of an EPC). You are then free to try again with a lower reserve or we do offer both an online paid upfront fee of £995 or the usual 1.25% no sale – no fee to continue marketing, BUT – as they say – nothing ventured nothing gained.
It is a government requirement of both sellers and their agents to show the energy effectiveness of a property and it’s ecological effect. An EPC assessor can be contacted HERE and the cost if £65.00 but this certificate is valid for ten years. You can check if the property already has an EPC and find out more by going to EPC.co.uk
We suggest having the property on site for at least 21 days prior to auction, usually requiring two viewing days, one in the early stages one in the latter. Once the auction proper starts buyers have the ability to place bids over three days culminating at 1pm on the third day. For example, an auction starting any time during Monday, has bidding throughout Tuesday and then the hammer falls at 1pm Wednesday.
Our auction site is designed to avoid ‘sniping’ where bidders secure a lot by being in at the death, so to speak. If any bid is made within the final ten minutes, the time is extended by ten minutes from that point, and continually until no bid is made during that final ten minutes to ensure the property sells for the best achievable price.
Then we will tell you. Most properties are suitable; it is the vendors own situation that can be a determining factor. For instance, if you are living in the property and want to move directly into a related purchase, auction probably isn’t for you because in the same way the buyer is obliged to complete within 56 days, you are equally committed to sell and if something happens along the way that may affect the timescale and jeopardise the transaction. We are happy to expand on this and advise appropriately. It is not in our interest to do anything other than what is right for the client !
Something like that is still very saleable by auction, it merely limits interest to cash buyers only; as it would in every other property sale model. We would assist you in providing satisfactory documentation within very clear marketing, so that bidders can make an informed choice.
Yes ! That’s one of the advantages of online auction over sealed bids/formal and informal tender.
We don’t want to feature the cost-saving. This is for vendors who are fed up with a protracted process, sales falling through, etc. BUT in principle …
- It is completely open and transparent
- The bidding doesn’t rely on buyers hoping they’ve got it for the least; it engenders competition and excitement and oftentimes bidders end up going higher than they intended.
- It secures a timely and often more committed transaction