Selling Property At Auction

Selling A House At Auction

There are a number of types of properties that are available to put up for an auction sale, including residential properties which are vacant and investment opportunities, land, development options, ground rents, HMOs and mixed-use opportunities. If you are a commercial property owner looking at selling property at auction, however, then you will be pleased to know that our commercial auction opportunities encompass retail, office, leisure, industrial, retail, ground rents, development opportunities, vacant units and mixed-use commercial properties.

With Goldings, selling property at auction has never been easier. With auction opportunities across Norfolk, Suffolk and Essex, and a fast process from the initial appraisal to our comprehensive and intensive marketing, all the way through to when the final hammer falls, selling a house at auction with Goldings is the ideal choice for a sale which is almost guaranteed.

…auction can be the most effective route to selling property.

There are a number of benefits to selling a house at auction. Firstly, you can see your property’s value skyrocket as tenacious buyers create a bidding war further helping to drive up the price of your property. This can leave you with much more profit than you may have originally expected, particularly if the property is derelict or in poor condition, making it worthless to typical buyers. In addition to this, auctions attract a number of property experts and individuals who are looking to purchase a property that has a lot of potential value – particularly if it is in a prime location, no matter its condition. Selling at auction can see your property attract the attention of property developers who may not have seen the property if it was to be sold in the traditional manner.

Further to this, selling property at auction can allow you to sell a property much more quickly, which is particularly important if you are looking to use the sale as a way to release equity in order to purchase another property. The speed of sale at auctions is one of the prime reasons property owners turn to selling at auction.

As a family-run auctioneer, we offer a fully transparent process for all sellers looking to sell a property at auction. Our success rate sets us up as one of the leading options on the market. With no waiting times after the hammer drops, and a binding legal contract formed as soon as the hammer hits, you can benefit from a speedy and certain process from start to finish when you opt for selling at auction with Goldings Auctions.

ADVANTAGES of selling by auction:

• No doubts on sale price and timescale.
• An immediate and binding contract is created on the fall of the gavel.
• No negotiation – neither the seller nor buyer can withdraw.
• The sale process from instruction to exchange takes only a few weeks.

Example selling situations:

• Freeing up of assets/property disposal
• Asset liquidation
• House and property repossessions
• Probate settlement/estate liquidation
• Requirement for a defined timescale

Example property types can be:

• Residential and commercial property, which may require refurbishment.
• Tenanted houses and properties.
• Land: building plots (with or without planning permission), amenity land, garden land, woodland and agricultural land.
• Properties under dispute, forced sales or probate sales.
• Unusual properties, difficult to value.
• Non-standard construction or with structural defaults.

We always recommend that you seek independent, professional advice.

However, we offer a step-by step process and our guide covers important areas you may wish to consider.

What’s my property worth?

House, Land and Property valuations are FREE…
All our advice is impartial and without obligation.

Talk to us:

Telephone 01473 210200 to discuss your auction needs.

Dates

Choose the “Auctions” then “Future Auctions” tab on our website for the full property auction schedule.

Valuation methods

We use a number of tools to give an accurate house, land and property valuation:

• Our team is well-established
• Extensive local knowledge base
• Land registry information
• Comparable listings from credible property portals
• Past ‘sold’ and actual ‘for sale’ house prices
• Historical information taken directly from our auction house database

Reporting

We will provide an estimated figure that your house or property may achieve at auction together with proposed reserve and recommended published guide prices. We will also discuss our terms, conditions, fee structure and paperwork requirements.

Sales particulars

We send draft sales particulars to you for your approval, which include a full property description, photographs and where appropriate floorplans.
These will be your sales particulars that appear on the Internet and in our catalogue.

Legal documents

The Legal Pack will be available to download FREE from our website and at our auction house venue. We will instruct your solicitor to prepare a Legal Pack containing:

Special Conditions of Sale

• Title documents
• Leases
• Searches
• Planning documents
• Land Registry entries
• Energy performance certificate

Identification

Goldings Auctions operates a best practice operation and we strictly comply with the Money Laundering Regulations 2007.

To sell a house or property at auction, please supply two forms of identification:

• Photo ID
• Passport
• Driving licence
• Proof of residency
• Bank statement
• Utility or Council Tax bill

Communication

Our aim is to keep you updated during every step of the sale process from marketing to completion.

Commission

Our selling commission is charged on a No Sale-No Fee basis and is generally 3% including VAT of the sale price, however, each case is considered on an individual basis.

Entry/Cataloguing fee

This is a non-refundable fee of £600 including VAT payable at the point of confirming instructions to sell. In a probate environment, this fee can be deferred until after the sale.

Solicitor fees

Similar to selling property by any other method. We work with a number of specialised solicitor professionals. If you need our help, we can arrange for a competitive quote upon request.

Guide prices and reserves

Guide prices are provided as an indication of a vendor’s minimum expectation and the level at which the reserve is set. Properties may not always sell within this guide and this figure may change at any time prior to the auction. The sale price will be dependent upon bidding in the auction room and on the Vendors’ instructions. Each property will be sold subject to a reserve price, which will be set within, or below, the guide price range or no more than 10% above a single figure guide. This is a confidential figure set between the Vendor and the Auctioneer and is a figure below which the Auctioneer cannot sell the property. It is important that the reserve price is set at a competitive level which reflects the guide price. A provisional reserve will be confirmed in writing from the onset of marketing. Sold results average some 15% to 20% above reserve.

Our Marketing, Auction features

We operate a successful business model with a proven marketing strategy and the latest technology, techniques of which include:

• Our website: www.goldingsauctions.co.uk
• Property portals: www.eigroup.co.uk,
• www.rightmove.co.uk
• Targeted email marketing to 12,000+ registered buyers
• Contemporary, striking catalogue design
• Multiple open viewings
• PR from editorials within local publications
• Prestigious auction house venue close to A12/A14

When the Hammer Falls

Legally binding contract on the fall of the Auctioneer’s gavel. The buyer cannot:

• Renegotiate.
• Change any terms defined in the sale.

Buyer informational

The successful bidder must provide:

• Name, address and telephone number of the buyer.
• Solicitor details.
• A cheque for 10% of the purchase price.
• 2 forms of buyer identification, which is always checked at this point.

Clearance of all deposit cheques is administered post auction.

Exchange of Contracts

Contracts for the property sale are created in the auction house venue, known as the Memorandum of Sale.

• 2 x Memorandum of Sale are signed by the buyer.
• We sign the 2 x Memorandum of Sale on behalf of the seller.
• The buyer retains 1 copy of the Memorandum of Sale.
• We forward the other copy to the seller’s solicitor.

Completion of Sale

It’s sold!!!

Normally finalised 20 working days after exchange of contracts. The deposit funds are paid to your solicitor minus our fees.

Unsold Property

In the unlikely event that your property does not meet its reserve, somebody may still wish to purchase it.

You will need to:

• Consider any further offers
• Decide if a figure is acceptable to you
• Advise us accordingly and we will then action the sale

Upon your instruction, we will continue to market your house or property. The property sale might even happen several days or weeks after the auction. We recommend that the auction contract is utilised with any post auction sales as this ensures the same commitment from the buyer, i.e. immediate payment of deposit and signing of contracts.

2024 Auction Schedule

Wednesday 28th February 2024
Wednesday 15th May 2024
Wednesday 17th July 2024
Wednesday 2nd October 2024
Wednesday 4th December 2024