Selling by auction has many advantages particularly in difficult cases where you have to be seen to achieve the best value for your client in a limited time scale or where the property is unique with many potential uses, development opportunities or structural problems. Unlike an informal tender or sealed bids, at the fall of the gavel there is a binding contract. A deposit of 10% is paid when the buyer signs the Memorandum of Sale and the completion date is specified, thus eliminating any uncertainty and any unforeseen delays associated with a conventional property sale. All entries have an agreed reserve and cannot be sold for less without prior written consent of the seller.
The cost of entering a property into one of our sales is £250 plus VAT which covers the production of the catalogue and the advertising. The sale commission is 2% plus VAT on completion, whether the property was sold prior to, during or post auction. In addition to the agency fees, the seller is responsible for the cost of the auction legal pack which forms part of the sale documentation in conjunction with the common auction conditions and any special conditions of sale.
For further details contact Chris Leeson