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Selling
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    Benefits of Selling at Auction

    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 are few faster ways 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

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    Legal & Binding

    When the hammer comes down you have exchanged contracts, your buyer is legally committed and can't change their mind. This minimises the risk of a problem as the sale progresses.


    Higher Profile Marketing

    Your property will be advertised intensively 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 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 can talk knowledegably 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

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    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 the onus is on the buyer to fully research the property's condition prior to bidding.

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    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.

Contact us

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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 and you understand what you are committing to when buying by this route. For many it is a great way to buy offering speed, certainty and transparency.
    • 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.

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    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.
    • Auction House Team Members will be available at the Open Day to answer any questions you have about the property.
    • If a catalogue is not available, you can view draft property details on our website or they can be emailed to you on request.


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    Open Day Viewing
    • Try to visit the property on its first open day. If possible take someone with you whose 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 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 your mind.

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    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 and you must make sure that you will be able to complete the purchase on the date stated in the contract.
    • 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.
    • 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.


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    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 current utility bill

    • If the property you are interested in does not reach its 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.

Contact us

    Title

    Where we're active

    Our Branch

    Our Branch

    Current Properties

    Recently Sold Properties

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

    Find us

    56 Market Place,
    Driffield,
    YO25 6AW

    Telephone us

    Buying: 01377 817040  Local call rate

    Email us

    Contact us

    Disclaimer

    The content on this Microsite has been uploaded by Auction House , Hull & East Yorkshire. Rightmove Group Limited makes no warranty as to the accuracy or completeness of the content, any queries should be sent directly to Auction House , Hull & East Yorkshire. 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 , Hull & East Yorkshire. 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.

    *Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

    Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

    Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Auction House , Hull & East Yorkshire on 0845 400 9900.


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