Why selling property at auction provides vendors with a comprehensive marketing solution
If you decide to sell your property with Auction House London, we’ll ensure your property gets a comprehensive and prevailing marketing coverage. From being on auction catalogues to targeting individuals who have previously shown an interest, take a look at the different ways properties are marketed before they go to auction.
Unlike local estate agents who may get little reaction for months, selling at auction often gets quick results. Property sales at auction are now big business and the process is both safe and fully developed to provide an efficient professional service to sellers and buyers alike. You can decide when you want to put your property up for auction and even where, it doesn’t have to be local, for instance think of the benefits of having it bid for at a big London event.
Auction House London will provide you with an appraisal of your home, with no obligation and no charge. This will allow for a guide price to be assessed in order to give you an idea of what you may expect to get at auction. Although it would be sensible in order to attract buyers, to set a realistic asking price, you may be pleasantly surprised at what may be achieved. The ultimate aim is to stimulate competitive bidding.
Global marketing solutions
After the initial assessment, you will enter into an agreement, which will entail a fee for marketing and appearance in our comprehensive catalogue, which reached an incredible number of potential buyers across the globe. Auction house London will also contact anyone who has previously shown an interest or purchased similar property to yours and also place particulars in specialist property publications. See our website page for details of up to date costs. There is also a pre-agreed commission on your property, once it has been sold. The amount will be determined by the value of the building at sale.
A reserve price will be decided between the seller and the auction house. This figure will set the bar for the minimum sale price acceptable. Auction house London will advise on this important decision.
As with any property sale, a folder containing full particulars, including conditions of sale, title documents, planning permissions and specific individual details will need to be assembled by a solicitor, prior to the sale. These packs of information will then be available for potential buyers to see.
Viewings of your property can be arranged. Possible offers prior to the sale as well as positive enquiries will all be followed up and liaison with all interested parties maintained. .
Once the hammer falls on a sale, the bidder is under legal obligation to buy at the agreed price, they will also have to pay 10% before leaving the auction rooms. There is a restriction on re-negotiating, so you are safe from any terms being changed. Within 20 days the remainder of the money is normally paid and the auction house can then settle with you after deducting prior agreed fees. If the property does not sell at the auction, there may still be potential buyers who may subsequently make an offer, this is not unusual.
As we can see, there are many benefits to selling your property at auction and a comprehensive marketing solution is just one of them.