Auction House London - How To Sell Property
Auction House London is a professional auctioneer with a good reputation in the property market and many people use it for sell property at auction . Many people think that selling property by auction is a daunting, complicated, and risky process, and one must attempt it by experienced property developers, investors, or builders. However, Auction House London is the most popular way for hundreds of homeowners to sell their properties in London.
Auction House London is one of the largest residential and commercial property auctioneers in the United Kingdom. Whether you are a novice or experienced professional, our skilled staff can provide advice and information on various aspects of selling your property at auction. There are several steps to take, and we will talk about them in this article. Read on!
Auction House London – Is Your Property Suitable For Auction?
Auction House London has a team of dedicated residential and commercial property specialists. Our team will give you their expert opinion about your property’s suitability for auction. Although people can sell properties at an auction, some houses are more suitable than others. So, typical auction properties include:
Conversion opportunities
Mortgage and receivers repossessions
Properties with structural damage
Executor and charity sales
Development land and building plots
Farmland and buildings
Properties with legal complications
Amenity land and paddocks
Commercial or mixed-use properties
Properties that require a quick sale
Following a review of your property, Auction House London will give you an overview of your property, highlighting all relevant data, information and outlining recommendations. Our staff will also send you a copy of the auction terms.
You will need to sign an agreement if you are happy to proceed. Our staff will deal with the process. Once this is returned to our company, our professional team will start to prepare the particulars.
Proof Of Identity
According to the UK’s legislation, auctioneers must obtain proof of identity for all residential and commercial property owners or sellers. Each seller will need to provide original documents, including the photographic ID, currently valid passport, utility bill issued within the last three months, driving license, and bank statement issued within the previous three months.
Auction House London – Getting Ready To Sell
There are numerous benefits of selling your house at Auction House London. It is quick, and if successful, the entire process will take as little as four to six weeks. Remember, there is no chain, and we will help sell your property when the hammer falls.
Selling at Auction House London also widens the potential market. For example, there are buyers, investors, developers, and property dealers who will take an interest in your property. Selling at auction is the best method to streamline the entire process and earn higher profits.
Finding Out What Your Property Is Worth
After you have decided to sell the residential or commercial property, you will need a full auction appraisal to determine what price you can expect to achieve, the cost involved, and the likely timescales of the process.
There are dozens of auctioneers in London. However, not all of them are reliable and cost-effective. So, we recommend choosing your auctioneer carefully because this makes all the difference when you want to achieve the best price.
It is tempting to go with auctioneers who quote you the highest guide price because if your house does not sell, you will be left with solicitors’ and auctioneer’s costs, and you will still need to sell your home.
Likewise, it is still tempting to doing business with an auctioneer who quotes you the lowest fee because the chances are that they won’t market your home to its full potential. It means they won’t generate the best interest before the auction.
However, this is not the case with Auction House London. We are a reputable company and always take actions in the best interest of the seller. We will communicate with you from time to time to discuss important matters and optimize the process, leading to quick house sales for a higher profit.
Legal Information: How To Sell Property At Auction
Auction House London requires you to provide them with information on your solicitor, including his/her name and address. We will need to produce the legal pack because we want to start this sooner to achieve optimal results.
Remember, this pack usually includes detailed information on the title, legal searchers, house seller’s information, planning permissions, fixtures and fittings, and any special conditions for sale. Once you instruct the solicitor, our company will liaise with them regarding the legal pack provision.
Entering A Property For Auction
It is crucial to register your house or commercial property at least four or six weeks before the auction to ensure the auctioneer includes it in the catalog. At the same time, this allows the auctioneer some time to market your property.
Research shows that a professional auctioneer like Auction House London, market houses online, in the local and national press, and distribute the catalog to investors and buyers, keeping you fully updated on the response.
Besides, you will have to appoint a solicitor who will guide and help prepare the sale contract and support the legal paperwork. Reputable companies like Auction House London liaise with your solicitor and ensure everything goes smoothly for the auction sale.
Marketing Your Home
Once the advertising or marketing of your property begins. Auction House London will receive offers on it before the day of the auction. If we manage to sell your property before the auction, we will withdraw it upon exchange of contracts.
Our company will produce a set of property details and use them in the marketing of your house both online and offline. We have a professional team of marketers who can advertise your property via industry-leading websites and feature it in the regional newspapers.
Our company’s staff will also undertake the viewing process. We will liaise with you regarding your preferences for viewings. The purpose is to ensure whether there are any times or dates you want to try or avoid.
The Reserve Price
Many people avoid selling auctions because they will lose money if the bids are lower. The good news is that you can discuss this matter with the auctioneer to set a reserve price. It will be the minimum price for your house.
Not only does the reserve price safeguard you from the too low or too high price, but it also confidential information, meaning Auction House London won’t disclose it to anyone.
A reserve is a minimum price at which the team will sell your property. We don’t disclose the price to potential buyers and will make an agreement with you a few days before the auction.
Although there are a few legal limits for reserve prices. The auctioneer will explain everything to you, ensuring everything goes smoothly without any problems. Moreover, they will provide you with an affordable, no-obligation auction appraisal of your house.
They can advise you on a recommended reserve price and give you an idea of the best price you can achieve at auction. Auction House London will market your property in London and other regions using their network of professional estate agent agencies and agents.
What Happens On Auction Day
On the auction day, the auction house will produce addendums to the property particulars and announce amendments before the process starts. Besides, if the bidding reaches the reserve price or above, they will fall the hammer to create a legally binding contract. It means a successful sale has occurred.
The qualified and experienced clerk or your solicitor will sign the memorandum on your behalf and collect money from the buyer. On the other hand, if your house does not reach the reserve price, we will recommend the interest parties speak after the sale. The purpose is to discuss the possibility of selling your house after the auction.
Moreover, the balance is added to your completion statement once the funds are cleared, outstanding expenses and sales commissions are deducted. Bear in mind that completion time varies from company to company. However, the process normally takes place 25-30 days after the auction.
Auction House London offers diverse expertise across the selling of residential and commercial properties. Their professional staff can assist with any further advice and questions to ensure you earn higher profits.
Benefits of Selling your Property At Auction House London
Many people think that selling their properties at auction is not a good idea and a waste of time and money. However, this is not the case with Auction House London because they make substantial efforts to optimize the entire process and provide clients with good services in London. Here are a few benefits of selling your property at Auction House London. Keep reading!
A Swift Process: Auction House London – How To Sell Property
Unlike traditional property selling methods, selling your residential or commercial property at Auction House London is a speedy process. Not only is our company advantageous to sellers in London, but we also benefit buyers.
So, if you don’t have enough time to sell your property yourself or moving to another city or country. We can take care of your needs, and once the gravel falls, we make a legal and binding contract.
Likewise, the completion takes place within four weeks. Therefore, an auction sale usually takes between four to six weeks from start to finish. We believe this is a swift process than following traditional house selling methods.
