BUYING AND SELLING AT AUCTION
In many circumstances sale by auction has a number of advantages over the traditional method of sale:
- The uncertainty and delay often associated with buying and selling is eliminated.
- Contracts are exchanged on the day of the auction.
- Completion happens 28 days from the fall of the hammer.
- There are no last minute re-negotiations.
- The auction process offers transparency to both buyers and sellers.
- A higher price can be achieved at auction than selling by private treaty as a result of targeting known purchasers followed by competitive bidding.
- All parties work to a defined timescale.
Buying at auction
When buying at auction, we would suggest the following steps:
- Inspect the property with one of the Auction Team
- If required obtain a survey report and builder's estimates.
- Before bidding you should look at the auction website and on-line legal pack.
- Ensure finance is available to cover the deposit and completion monies.
- Ask your solicitor to examine the legal pack.
- Register to bid via our website.
- Inspect the website on the morning of the sale to ensure there are no last minute amendments.
Selling at auction
If you are considering selling at property at auction, a member of the Smith and Sons Auction Team will be pleased to meet you at the property to discuss whether or not it is suitable for auction and advise as to the auction process.
A guide price will be agreed with you for all media advertising and marketing, written Terms and Conditions will be sent to you which will include all aspects of our marketing campaign including timings, costs and a description of how the auction works.
We will be then contact your solicitor to ensure that the legal pack is prepared well in time for the sale and can be included on our website.
Following marketing of the property we will report any offers received with recommendations as to whether or not an offer should be accepted before the sale.
A reserve figure will be agreed with you prior to the sale, this being dependent upon the interest showing during the marketing period. A sale will not proceed at any less than this reserve figure without your express authority.
Properties suitable for auction
Properties attracting high levels of interest and often achieving prices in excess of the guide due to competitive bidding include:
- Properties requiring Refurbishment
- Residential Investments
- Probate Properties
- Development Land
- Storage Sites
- Mixed Use Properties
- Commercial Investments
- Vacant Commercial
- Warehouses/Workshops/Stores
- Lock Up Garages
Guide Price and Reserves
- Smith and Sons have always been clear that the guide price is an indication of the seller's acceptable price at Auction and is given to assist potential purchasers in deciding whether to pursue a property at Auction.
- The reserve price is the seller's minimum acceptable price at auction and a figure below which the property will not be sold.
- The reserve price is not disclosed and remains confidential between the seller and Smith and Sons.
- Both the guide price and reserve can be subject to change up to and including the day of the Auction but any change in the guide price will be notified as soon as possible on the website and on the amendment sheets available in the Auction room.
- Smith and Sons will not accept reserve figures higher than the top end of the last notified guide price.
- Smith and Sons strive for transparency throughout the auction process and hope this clarifies the position.
Other Services
We can:
- Arrange Energy Performance Certificates.
- Organise water systems to be drained, locks changed and vacant properties secured.
- Provide a full Lettings and Management service on residential and commercial investments.
- Obtain competitive prices for house clearance.
- Recommend solicitors to act for both buyers and sellers.
- Provide final meter readings.
