buying selling auction facts

7 Things You Don’t Know About Property Auctions (You won’t believe number 7)

1) You don’t NEED to be a cash buyer.

Many believe that clients with only ‘deep pockets,’ can buy at auction, which couldn’t be further from the truth. Auction Finance Experts, are on-hand before, during, and after the auction to help you turn the funds around, in any given timeframe.

2) Completion dates and timeframe CAN be adjusted to meet your timeframe.

On the fall of the Gavel, completion is generally 28 days thereafter unless specified. Completion can be set at 42 days (6 weeks) from exchange or in fact, anywhere in between. As long as all parties are notified, your timeframe is paramount.

3) Private market sales are increasingly popular in the auction room.

Auctions have been around for an extremely long time. It is generally perceived, lots come from banks, building societies and local councils however this is not just the case. Clients in the private sector have learnt the huge benefits of selling via auction and are realising this method proves to be in their best interest. Auction offers security. On the fall of the gavel paperwork is then signed and exchange of contracts will take place at the agreed price, so there is no renegotiating or gazundering.

4) You CAN buy with a high street mortgage

– Not only bridging loans. Auction offers immense opportunity and allows one to buy, through some lenders, with only a 15% deposit.

5) A Pre-Auction Legal Pack, contains all the information you and your solicitor require.

Apart from the difference of a legal pack being prepared prior to exchange the information gathered and presented is that of the same as a private treaty, high street sale.

Once the gavel falls, if you are the highest bidder, you are legally bound as the buyer and contracts are exchanged. Just a 5% deposit is payable with the remaining 95% due upon completion.

6) Viewings ARE welcome prior to the auction.

Believe it or not, many people believe that auction properties are bought without being viewed. Viewings are most welcome and in fact are highly recommended before attending the auction room to bid.

7) Contrary to popular belief, properties that sell at auction, often achieve a higher price, than previously agreed when sold subject to contract, through the local estate agents.

Competition is good; gathering all potential purchasers together, in the same place at the same time, creating a sense of urgency and wanting. Rest assured the price achieved is the best you could possibly obtain. It is impossible to undersell in the room!

Learn more on buying and selling through auction >

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Mini break terms & conditions

The winner of the competition will receive a TUI gift card to be redeemed in store or online, to the sum of £500 OR £500 toward the mini break of your choice.

The gift card will expire 30th September 2021

No Town & Country member of staff, their family or friends may enter.

You must have registered your details and then turn up at our next property Auction; 29th April 2019. The Holiday Inn, Povey Cross Road, Gatwick for a valid entry. (No obligation to buy)

This voucher comes with TUI’s terms and conditions, once redeemed, which can be found at https://www.thomascook.com/terms-and-conditions/booking-terms-and-conditions/

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How to achieve MAXimum sale price for your property/land

1) M – MANAGE
By setting an attractive Guide Price we encourage potential and active buyers to participate in the bidding process, while managing to stay in control of the reserve price.

2) A – ANTICIPATE
Connect UK Auctions allow bids from a number of sources which will help achieve the best price possible. These include bids from buyers ‘in the room,’ over the phone, by proxy AND Connect Realtime© internet bidders all live at the same time.

3) X – EXCELLENT MARKETING
High-profile marketing including: –

  • All major online portals including Rightmove and Zoopla
  • Our own unique and interactive website
  • Editorial solely for your property to local and national newspapers
  • Mailing your property / land details to THOUSANDS of active investors on our database
  • Creating virtual tour for majority of lots at the request of the property owners including drone footage
  • Marketing through our pro-active social media platforms including Facebook, LinkedIn, twitter and Instagram
  • For sale boards

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