Sell for free!!
If the property does not sell you would have no fees to pay at all. The only costs to consider for yourself as the sellers is your conveyancing and for the auction pack which is only due if and when the property completes.
The buyer takes care of the auctioneer and Estate agents cost with the reservation fee.
Prior to marketing the property an auction pack is prepared for buyers so they have visibility and all the information regarding your property to make sure they are satisfied with the legal documents, it normally takes 7-14 days to complete the auction pack. Whilst this is being prepared in the background, marketing of your property will start, so viewers can view and even place bids before the auction has started.
The auction pack would be the only fee for yourself as a seller, this is £445 including V.A.T which is only due on completion.
Auction properties are marketed in a slightly different way to the open market. They have two pricing points, the first is your reserve price- this is the figure that would be the absolute bottom line you would take for the property. The aim for you is to achieve over that figure but it is there for your security blanket- so if the bids do not meet the reserve you would not be expected to sell.
The reservation fee gives you security as a seller as this is paid on the day of winning the auction and is on top of the purchase price, it is 4.2% of the purchase price subject to a minimum of £6000 including V.A.T- this gives you some peace of mind knowing they are a serious buyer as the fee is non-refundable.
Then we have the starting bid- this is the price that will be advertised to create interest and to get viewers through the door, this then ultimately drives the price up and creates that bidding war affect. The more attractive the starting bid is, the quicker you will sell and ultimately the more you will get for your property.
Please contact the office for more details.
