Auctioning your home?
This is a very positive and alternative way of achieving a sale on your property, ideal for all types of property, building plots and agricultural land.
A unique specialist auction service
Scargill Mann & Co provide a unique specialist auction service from all of its branches located in: Derby, Ashbourne, Matlock, and Burton upon Trent.
Dean Mann, Chartered Surveyor, is the Director in charge of the auction house with auctions held at the high profile iPro Stadium venue, Pride Park, Derby.
This method of sale provides clients with an opportunity of generating open competition for their property, ensuring that a sale is transparent and fair and secures a sale of a property with no renegotiation implications.
It also provides maximum advertising exposure through websites and local newspaper advertising. It has the benefit of selling a property within a given period and creates a genuine buyer able to exchange unconditionally. With a fixed reserve clients know the minimum figure they can expect to achieve.
How do house auctions work?
A sale of a property by public auction ensures maximum exposure to a large number of people within a limited time frame where subject to the reserve being met, guarantees a sale by way of exchange of contracts on the fall of a hammer and with completion usually within 28 days of exchange.
Guide to buying
at an Auction
Arrange a Viewing
If you have identified a property advertised to be sold at auction, arrange a viewing with the estate agent. Don’t be afraid to ask for as many viewings as you need. Also consider taking an expert with you such as a builder or architect.
Do your research
Discuss with the local auctioneer the likely expected price to be achieved at auction and give consideration to making a bid in the auction room. Some auctions may allow for bidding online.
Prepare to be in a position where you will exchange contracts on the day, if you are reliant on a mortgage for funding, this needs to be in place prior to the day of the auction sale.
Commission a survey
It is not a legal requirement to commission a survey, however we would recommend this as best practice. It will reveal problems you may not be aware of and give you the confidence to make an informed decision.
Instruct a solicitor
Contact a local firm of solicitors to give guidance on the contract pack and local search that will be made available to all prospective purchasers.
You will be required to provide two forms of ID to an auction, leave plenty of time to register prior to the auction starting. Wait for the lot and then make your bid. If your bid is successful a 10% deposit will be required on the day, and cleared funds available for completion, usually 28 days later.
The costs of selling your house at auction
Conveyancing / Legal Pack
Once you have selected a solicitor to handle your house sale at auction, they will also need to prepare a legal pack, this is made available to prospective buyers prior to the auction, and will usually include a title plan, fixtures/fittings forms, property information forms, local, drainage and environmental searches and any lease information (if leasehold). The appointed solicitor will then complete the paperwork for the transaction after the auction, and complete the transfer of funds upon completion.
There will be a commission payable upon the successful sale of the lot at auction, there is also an entry fee payable to cover administration costs. A written quotation of any fees will be provided by the auctioneer after the initial market appraisal.
Ready to sell your house at auction?
Auctions tend to specialise in properties that require extensive modernisation and improvement and therefore limited to availability of mortgage finance or a special property in a unique location. In addition, building and agricultural land are often sold at auction.
Scargill Mann & Co provide a unique specialist auction service from all of our branches.
Scargill Mann & Co provides an individual and confidential service with regard to mortgages and general financial planning from each of our branches.
Residential Apartment Management
From day-to-day management to advising developers on the design of communal areas, we take care of anything and everything relating to apartment blocks and their communal areas.
A home survey undertaken by an experienced RICS professional will help you avoid unexpected and costly surprises when purchasing your new home.