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    Your Local Property Auctions Expert

    The Auction House team have been holding auctions in Norwich for over ten years. Now they are adding a second auction room in Kings Lynn which will primarily sell lots in the West Norfolk, Fenland and East Cambridgeshire areas. Auction House has been the Eastern Region's leading Land and Property Auctioneer since 2002 with sale numbers now at between 150 and 200 lots each year and boasting a success rate of over 80%.

    Auction House East Anglia draws entries from a wide geographical area and is supported by a number of market and coastal town Joint Auctioneers who provide entries and assist with viewings.

    Auction House East Anglia sells a wide variety of property types from across the residential, land, commercial, investment and agricultural sectors. Many are vacant for improvement, others tenanted or for development.

    They are expert advisers and guide vendors as to the most appropriate method of sale which could be by Tender, Invited Offer, Private Treaty or Auction. They have network companies that specialise in Residential Private Treaty sales, one that is market leading in the Country Homes sector and others that offer Lettings and Management services.

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Benefits of Selling at Auction
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    There are major reasons for choosing Sale by Auction and it is by understanding these that sellers can decide that Auction is right for their property.

    Speed

    There is no faster way of selling. The process can take as little as four weeks from instructing us through to an exchange of contract. You will likely bank the proceeds of your sale within 8-10 weeks from going to the market.

    Chance of Success

    Auction gives you a greater likelihood of selling your property than by private treaty. In recent years Auction House has sold around 80% of the lots offered. If you need a certain sale you really should consider the auction route.

    Legal and Binding

    When the hammer comes down you have exchanged contracts, your buyer is legally committed and can't change his mind. You will be so much better off than with an estates agent's sale where one third or more collapse after they have been agreed.

    Higher Profile Marketing

    Your property will be advertised intensively in the local press and proactively sent out to a targeted database of local, regional and national buyers. Your property will be featured in our high quality catalogues which are mailed and emailed to thousands of interested buyers and extensively promoted on the web.

    Open House Viewing Days

    We set up special viewing days for your property. Each is hosted by a member of our auctions team who talk knowledgably about the potential that your property offers, and answer all manner of questions from prospective buyers. It is by talking with these viewers that we judge and develop their interest, and help guide you in setting the right Reserve Price.

    Competitive Bidding

    Our aim is to generate interest from two or more prospective buyers and to encourage them to bid against each other in the auction room. The process of competitive bidding helps your property to achieve 'best price' on the day. Sometimes buyers are so anxious to acquire a property that they will put in a very strong pre-auction offer - if in our view that figure is unlikely to be reached or surpassed in the Auction Room, we will recommend its acceptance under auction rules, and with a condition that contracts are exchanged in advance of Auction Day.

    Best Price

    Often properties achieve a sale price at auction in excess of the Guide Price. Regularly the result is ahead of that which might have been acceptable with a Private Treaty sale, but you can always be sure that it has achieved its best price on the day. This is especially important on Probate properties where Executors have a duty to achieve 'best price'; when sale by auction is chosen this is guaranteed and it's also open to public scrutiny.

    No Renegotiation

    With Private Treaty sales the price agreed often isn't the price that you finally receive. With Auction there is no renegotiation, no discounting to take account of survey findings or any last minute gazundering. With Auction your buyer will have fully researched the properties condition prior to bidding and cannot reduce the sale price after the hammer falls.

    Timescale

    If you are in a hurry or have a deadline to meet, then Auction could well be right for you. From the outset you will know the date of the Auction and legal completion will usually be set for 28 days thereafter. This timescale is fixed and legally binding to the two parties. Financial pressures and the need to relocate or dispose of a property within a specific time frame can be accommodated and are almost always met with a sale by auction.

    Continuing Tenancy Income

    Many investment properties are now being sold by Auction without vacant possession being obtained in advance. By retaining the tenant the vendor will continue to receive rent until completion date and the purchaser will start receiving an income from that date onwards. Auction House sells a wide variety of occupied properties - Regulated Tenancies, Houses in Multiple Occupation, Assured Shortholds and other that are let commercially.

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Buyers 10 Steps to Auction Success
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    Know what You Want
    • Auctions do not work for everyone, so make sure the process is right for you before you get in too deep.
    • It is vital you know what you want and why you want it - if you are not totally sure on this you should not attempt to buy at auction.

     

    Keep Searching
    • Subscribe to newsletters to ensure you keep up to date with all available property lots.
    • Keep reading local press and visit our website regularly to ensure you are fully aware of all upcoming auctions.
    • Hear about properties that are right for you as soon as they become available, this gives you the best chance to view options and plan your next move.

     

    View a Catalogue
    • View the electronic catalogue on our website or ask for the printed version; we can mail it to you or you can pick one up from our office.
    • This will contain finalised details of all properties in an upcoming auction - including photos, guide prices and usually a floorplan.
    • If a catalogue is not available, you can view draft property details on our website or they can be emailed to you on request.

     

    Open Day Viewing
    • Try to visit the property on it's first open day. If possible take someone with you who's opinion you value as this will help you make a better judgement on the property.
    • Auction House Team Members will be available at the Open Day to Talk to answer any questions you have about the property.
    • Visit the property again - this will allow you to gauge whether the thoughts you had during your initial viewing were accurate.

     

    Surveys and Reports
    • Properties sold at auction may not always be in the best condition.
    • It is important to consider having a survey, quotes or reports from builders and specialist tradesmen before you decide to bid on a property.
    • Make sure you receive all of these prior to the auction and you have all the information you require before bidding on a property.

     

    Legal Process
    • It is important to involve your solicitors in this process at the earliest possible point.
    • They will inspect the legal packs and other information, such as searches and planning permission - these can be accessed online.
    • Their advice and expertise could prove invaluable before committing to bid.
    • Remember once the hammer comes down it's too late to change any terms or your mind.

     

    Organise Finance
    • You will need:
      • 10% of the purchase price available on the day of the auction (subject to a minimum on low priced properties)
      • The remainder of the purchase price and fees in readiness for completion (usually within 28 days of the auction)
    • You can organise this with your financial adviser, bank or through the use of short-term finance; our recommended associates are Auction Finance or Bridging Finance.
    • Note: It is important to contact your insurers as after exchange you will be responsible for the insurance of the property.

     

    Determine Your Bid
    • Be organised - ensure you determine your budget before the auction and include all costs that will occur after a successful bid, such as professional fees and stamp duty.
    • There will be an administration fee to be paid to the auctioneers for their services.
    • Set a maximum bid level before the auction and make sure you stick to it to ensure you do not get carried away and exceed your means.

     

    Auction Day Tips
    • Always check before the auction that the property you are interested in has not been withdrawn prior.
    • Arrive at the auction in plenty of time - auctions can often be very busy with limited space and you should make sure you are in clear view of the auctioneer's rostrum.
    • Last minute changes to catalogue entries will be handed out on an 'addendum' at the auction.
    • If you have any queries prior to the start of the auction, please speak to either our auctioneer or a member of the Auction House team.
    • Ensure you make it clear when you wish to bid on a property by holding up either your hand or a catalogue.
    • If you wish to bid a different amount than is being offered by the auctioneer, you can shout this out.

     

    After the Hammer Falls
    • The fall of the hammer signifies the sale which is legally binding sale.
    • At this point if you have been successful, you must pay a 10% deposit and sign a memorandum of sale.
    • Make sure you have forms of ID with you:
      • either a passport or driving license and
      • a utility bill
    • If the property you are interested in does not reach it's reserve and is not sold in the room - speak with a member of the Auction House team and inform them you are still interested. It may be possible for a sale to be completed quickly under auction rules.
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Our branch locations

Our Branch

Our Branch

Branch within the same Brand

Branches within our network

Our Office Address Services Contact
East Anglia
7 Bank Plain
Norwich
NR2 4SF
Buying: 01603 941085  Local call rate
Network Offices Address Services Contact
Diss
Navire House Mere Street,
Diss,
IP22 4AG
Buying: 01379 444010  Local call rate
Essex
Essex Buying: 01376 390964  Local call rate
Letting: 01376 390965  Local call rate
Norwich
7
Bank Plain,
Norwich
NR2 4SF
Buying: 01603 941013  Local call rate
Letting: 01603 941012  Local call rate

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Where we're active

Our Branch

Our Branch

Current Properties

Note: Markers represent the centre of postcodes, not exact locations

Find us

7 Bank Plain
Norwich
NR2 4SF

Telephone us

Buying: 01603 941085  Local call rate

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Contact us

Disclaimer

The content on this Microsite has been uploaded by Auction House, East Anglia. Rightmove Group Limited makes no warranty as to the accuracy or completeness of the content, any queries should be sent directly to Auction House, East Anglia. Where properties are displayed on a page, this comprises a property advertisement. Rightmove Group Limited who operate the website Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. These property advertisements do not constitute property particulars. The information is provided and maintained by Auction House, East Anglia. Please contact the agent directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland and if you have any query over the content.

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