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Five things to think about when selling your property at auction

Five things to think about when selling your property.

 

  1. Is an auction sale the right route for your property?

Most properties are suitable for sale by auction. However auction may not always be the best route to market. Speak to an auction surveyor who can advise whether your property is suitable or if an alternative method of sale is more beneficial.

 

  1. Do you have all the relevant property details required by the auction house?

To assess whether a property can be sold at auction, you must be able to provide the full address of the property including postcode, a description, photos, tenure, relevant tenancy details and a title plan.

If available, floor or site plans will help.

In return, Allsop will give you a suggested auction guide price and a possible target sale price. If you want to proceed with selling at auction you will be required to provide proof of ID, pay an entry fee and sign terms and conditions including an agreed commission on the sale.

  1. How will the property be marketed?

Agreeing to the terms and conditions means you allow the auction surveyors the right to represent you and your property by accessing, inspecting and photographing the property.

We will also draft sales particulars and promote your property through appropriate marketing channels during the marketing period, which is around three to four weeks before the auction.

Access to you property may also be required for viewings with prospective buyers. We would always obtain consent, prior to access.

 

  1. The role of a solicitor

A full legal pack for the property you are selling, needs to be prepared by a qualified solicitor.

The legal pack, will be made available to download from our website during the marketing period.

Once the property has sold, completion typically takes place 20 to 30 working days after the auction, overseen by your solicitor. The successful bidder’s deposit, is held, pending completion, by your solicitor.

 

  1. Keeping track of interest in your property.

You will have a dedicated member of the team who will regularly update you on the strength of interest to your property. They can report on any price indications or offers made prior to auction day and advise on the final reserve price.

In the unlikely event that your property is not sold on the day,  we will speak to any previously interested parties and under bidders to secure the best bid for you.

 

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