You might decide to put your property up for auction through an auctioneer. You will then need to instruct a solicitor to create a “legal pack” detailing all relevant information relating to the property.
Usually, you will be required to allow viewings of your home in advance of the auction date. A date will be set for bidding to commence. At a live auction, the property or “lot” will be available for bidding between certain times on a single day. Online, house hunters may be able to bid on the lot for up to 30 days.
When selling via the traditional method the winning offer will be considered legally binding upon the close of bidding. Contracts will then be exchanged and an initial deposit paid. This is usually 10% of the price offered by the winning bidder. The buyer then is committed and has 28 days to pay the remainder, plus any additional fees relating to the sale.
With the “new method of auction” -or “conditional” auction sale, it is usually undertaken online - bids are made with the intention of purchasing the option to buy. The winning bidder then pays a deposit to reserve the property on the day bidding closes. They then have 28 days to get all finances and legal matters in order, at the end of which contacts will be exchanged.
Following this, they are granted an additional 28 days to complete. Unlike the traditional method, the buyer is legally permitted to drop out of a transaction of this kind, making it less secure for the seller. However, the reservation fee or deposit is non-refundable.
Success rates are high in selling – around 75% (whereas an Agent’s sale is around 50% of listed properties) your property and you can set a minimum price. But, properties can sell at a lower asking price and Agents fees are less (around 1.5%), with Auction houses charging around 2.5%. In addition, sellers have to pay an entry fee of several hundred pounds. Buyers will have to pay around 4.5% of the purchase price.
Therefore, it makes sense, to consider an Assisted Sale with Mau Investments instead?
This has also a high success rate, and won’t cost you a penny, except for Agent and Legal fees. The purchaser pays all the other expenses.
Get in touch to find out how. Mau Investments – Property Solutions make easy
To learn more email dennis@mauinvestments.co.uk or call 01332981666
Usually, you will be required to allow viewings of your home in advance of the auction date. A date will be set for bidding to commence. At a live auction, the property or “lot” will be available for bidding between certain times on a single day. Online, house hunters may be able to bid on the lot for up to 30 days.
When selling via the traditional method the winning offer will be considered legally binding upon the close of bidding. Contracts will then be exchanged and an initial deposit paid. This is usually 10% of the price offered by the winning bidder. The buyer then is committed and has 28 days to pay the remainder, plus any additional fees relating to the sale.
With the “new method of auction” -or “conditional” auction sale, it is usually undertaken online - bids are made with the intention of purchasing the option to buy. The winning bidder then pays a deposit to reserve the property on the day bidding closes. They then have 28 days to get all finances and legal matters in order, at the end of which contacts will be exchanged.
Following this, they are granted an additional 28 days to complete. Unlike the traditional method, the buyer is legally permitted to drop out of a transaction of this kind, making it less secure for the seller. However, the reservation fee or deposit is non-refundable.
Success rates are high in selling – around 75% (whereas an Agent’s sale is around 50% of listed properties) your property and you can set a minimum price. But, properties can sell at a lower asking price and Agents fees are less (around 1.5%), with Auction houses charging around 2.5%. In addition, sellers have to pay an entry fee of several hundred pounds. Buyers will have to pay around 4.5% of the purchase price.
Therefore, it makes sense, to consider an Assisted Sale with Mau Investments instead?
This has also a high success rate, and won’t cost you a penny, except for Agent and Legal fees. The purchaser pays all the other expenses.
Get in touch to find out how. Mau Investments – Property Solutions make easy
To learn more email dennis@mauinvestments.co.uk or call 01332981666
Posted: Tue 11 Jul 2023