What are the costs involved?
Our experienced team of Valuers & Auctioneers can offer vendors a complete auction service. We can provide no obligation FREE Auction Valuation & Fee Quote for vendors who may consider auctioning property. This is known as an ‘Auction Appraisal’ which will detail the current market demand and likely auction selling price for which a property may achieve at one of our live auction events. Vendors can then decide whether or not they wish to enter their property into a forthcoming auction. The appraisal will also include a quotation for marketing fees & auctioneers commission.
What is the process?
If you are happy with your auction appraisal and decide to enter your property into our forthcoming auction we will send you correspondence by email or post (or you can come to our sales office) which you must return stating your agreement to our terms of sale. We will also require a verification of your identity and your solicitors details at this time. If you currently have a contract with another marketing agent you can either wait until the marketing period expires or we can contact the agent on your behalf and auction the property as a joint agent.
Solicitors / Legal process?
You will be required to contact your solicitor and let them know that you have instructed us to auction your property. We will then forward the templates for the auction legal pack to your solicitor and they will prepare your pack and post this to us prior to the auction date. If you do not have a solicitor already we can get you a quote from our recommended solicitors firm…
Will I require a home report?
You will be required to contact your solicitor and let them know that you have instructed us to auction your property. A Home Report is required for every residential property for sale in Scotland – and our Chartered Surveyors are on hand to meet your needs. There are some exeptions where properties do not require home reports like unsafe and uninhabitable properties, portfolios and mixed use properties. Select Surveyors Ltd can provide you with a free, no obligation, quotation for the provision of your home report. Please click the below link to visit their website for a free quotation…
How does it work?
With our online auctions the bidding concludes at the set time.
Sellers –
Your property is marketed on the auction platform to attract bids from prospective buyers.
Should the reserve be met, the property will be sold to the highest bidder at the auction close time.
A deposit is taken from the buyer and legal work commences to ensure swift completion of the transaction.
Buyers –
Enter your highest bid prior to the auction end time. Should you be the winning bidder when the hammer falls, you are contractually bound to the purchase.
You will be contacted on the details provided at registration to make a deposit payment.
Pre or post auction offers?
Bidders can submit an offer at any time (Pre-Auction or Post-Auction) on any of our properties for the vendor to consider. If the vendor is willing to accept an offer and sell the property now the buyer will be required to pay an immediate 10% deposit (Min £3,000) to secure the purchase and withdraw the property from being offered at the next auction. To submit an offer buyers must browse to the property page on our website then click the “Submit an Offer” link, complete the offer details and submit. We will then contact the vendor with your offer and confirm the result asap.