auction a guide to selling at Residential

Transcription

1 Residetial a guide to sellig at auctio Allsop is the market leader for residetial ad commercial auctios i the UK Aually sells up to 700 millio of property at auctio Holds at least seve residetial ad six commercial property auctio sales each year Regular sales of properties i Dubli Offers aroud properties located throughout the UK at each sale Aroud 1000 purchasers from first-time private buyers to large property compaies atted This guide explais the advatages of sellig residetial property at auctio i particular a Allsop auctio ad how the process works.

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3 a guide to sellig at auctio advatages of auctio A auctio is a efficiet ad cost effective way of sellig property ad, if prepared properly with itesive marketig, advertisig ad mailig, will result i the greatest possible exposure of the lots offered. To maximize the effectiveess of the marketig, cosiderable thought must be give to the guide price, which eeds to be tailored to geerate competitive biddig i the auctio room, thus esurig that the best price is beig achieved. Although some properties are more suitable for sale by private treaty, takig this route does preset ucertaities over terms such as sale price ad timig of exchage ad completio. Sellig by auctio however, offers a high degree of certaity that a sale will be achieved o a give day ad, sigificatly, o the fall of the gavel a immediate bidig cotract is formed. As o further egotiatio is permitted the etire sale process, from istructio to exchage of cotracts ca be, is achieved withi as little as six to eight weeks. For vedors with a large umber of properties to sell, auctios provide a highly efficiet method of sale allowig for a total or phased disposal programme sellig i idividual lots thus maximisg receipts. For those sellig i a fiduciary capacity, there is the added advatage of the sale beig etirely ope ad trasparet. Most types of property are suitable for auctio provided that a realistic reserve price is agreed. Who sells at auctio? Auctio is ow regarded as the optimum method of sale for may sellers who rage from private ivestors ad property compaies to baks, housig associatios ad local authorities.

4 a guide to sellig at auctio eterig a property ito auctio If you have a property to sell, please cotact oe of the Residetial Auctio parters who will arrage a free, o obligatio auctio appraisal ad advise whether they thik your property is suitable for sale by auctio or a alterative method. 1 Whe do you wat to sell? Decide whe you wat to sell your property ad which auctio you would like to put it i. Sale dates ad veues ca be foud o our website. 2 What iformatio do we eed? I order to give you the best possible advice we will eed the followig details: Address Descriptio Photograph Teure ad Teacy (if applicable) details Floor pla or site pla Aythig else you cosider to be material Oce we have received this iformatio, we shall provide a estimate of the likely sale price of your property at Auctio. Together with a proposed reserve, we shall sed you a copy of our stadard agecy cotract settig out our terms ad coditios. Oce the maximum reserve price is agreed you will be asked to sig ad retur our stadard agecy cotract to cofirm your istructios, at which time the Etry Fee becomes payable. 3 Proof of idetity If Allsop has ot sold for you before we shall require proof of your idetity ad address before we ca market your property. 4 How much does it cost? Auctio Etry Fee Allsop charges a fee to eter a property ito a auctio. This fee is payable whether the property is sold or ot. The fee is a cotributio towards the cost of marketig ad catalogue productio. The fee will deped o how much space is take i the catalogue for the property. Details of curret etry fees are available upo request. We shall advise the most appropriate amout of space to be take. Most lots appear o a quarter page withi the catalogue. Commissio I the evet of a sale, our commissio is up to 2% of the sale price plus VAT for a sole agecy or 2.5% plus VAT for a joit agecy. A joit agecy is usually advisable where we feel it is ecessary to iclude a local estate aget to hadle local equiries ad coduct viewig. Our surveyors will cofirm the auctio etry fee ad commissio rate with you i writig before acceptig your istructios. 5 Sales particulars Oce we have bee formally istructed, the property will be ispected by oe of our surveyors, measuremets take where appropriate, ad the property will be photographed. Draft sales particulars will the be forwarded to you ad to your solicitors for approval ad/or amedmets. 6 Legal documets At the same time your solicitors will be istructed to prepare a legal pack cotaiig special coditios of sale, title documets, leases (where applicable), searches, plaig documetatio ad office copy etries so that they are available to iterested parties either by post or o lie. 7 Guide price Our auctio team will recommed a guide price which you will eed to approve before marketig begis. It is importat to set the guide price at a realistic level which is attractive to buyers. This will geerate competitive biddig i the auctio room ad esure that best value is achieved. 8 Marketig your property Marketig will start approximately three to four weeks prior to the auctio sale. Catalogues We produce aroud 15,000 catalogues for each auctio. These are set to prospective buyers such as private ivestors, property compaies ad developers. E-marketig Our catalogue is available olie ad we sed regular alerts to the 280,000 private ivestors who are registered o the site. This is the sigle largest database of its kid i the UK. Advertisig ad PR We advertise i the key property publicatios ad place advertisemets i local ewspapers. We ofte achieve editorial coverage i additio. Targeted Marketig We target idividuals who have previously expressed a iterest i similar properties, as well as adjacet occupiers, local agets, local developers, builders ad property compaies. 9 Potetial Buyers Viewigs ad Surveys Potetial purchasers may wat to view your property durig the marketig period ad have a survey carried out. Let us kow how you would prefer viewigs to be arraged ad we shall arrage access for buyers. I most cases, vacat properties are ope at pre-arraged times for viewig. Details will be prited i the catalogue. Legal documetatio I cojuctio with your solicitors we will supply copy documets to prospective purchaser s solicitors ad will keep you costatly updated as to the levels of iterest show. We have developed a iovative ad user friedly olie documet system i order to speed up the hadlig of requests for documets. 10 Reserve price We will agree a reserve price with you for your property a few days before the auctio. This is the level below which we will ot be authorised to sell. It is importat that this be set at a realistic level. If you thik you have a property that is suitable for auctio, please do ot hesitate to cotact us.

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6 a guide to sellig at auctio auctio day At Allsop auctios it is ot ucommo for 1,000 to atted, creatig a buzz ad a atmosphere which are crucial the success of the sale. If you have ever sold at auctio before, you may wat to atted a Allsop auctio. The atmosphere of the room ca be extremely excitig ad competitive. The Fall of the Gavel O the fall of the Auctioeer s gavel, a bidig cotract is effected. The successful bidder is required to provide the ame, address ad telephoe umber of the purchaser ad the purchaser s solicitors. The successful bidder will also be asked to provide a deposit for 10% of the purchase price. Idetificatio of the purchaser is always checked at this stage. Clearace of all deposit cheques is arraged immediately after the auctio. Exchage of Cotracts The Memoradum of Sale is made up i the room ad give to the purchaser to sig. The exchage is oversee by our solicitor. We will forward the purchaser s siged Memoradum of Sale to your solicitor. Completio will usually, take place 20 workig days later. The deposit fuds are the paid to you less our fees. What happes if the property does ot sell o the day? If your property fails to reach its reserve i the room, someoe may still wish to buy it. You will eed to decide whether to accept ay offer ad advise us accordigly. The property may eve be sold i the days or weeks after the sale as we cotiue to market the property. why allsop Market Leaders Allsop has bee syoymous with auctios for may years ad as a result has the staff, depth of experiece ad reputatio ecessary to hold well atteded auctio sales ad esure a successful ad profitable outcome for your property disposals. The curret Residetial Auctio Team has collectively a total of over 200 years experiece workig together. Impartial Advice Whe advisig o sales we will always cosider whether a property is more suitable for sale by auctio or private treaty. Allsop offers both methods. Our auctio ad private treaty departmets effectively work as oe team esurig that our advice is impartial ad carefully cosidered. Urivalled Access to Property Ivestors For every property offered i our auctio sale we guaratee urivalled exposure to the market with 15,000 catalogues mailed out each auctio, 280,000 registered ivestors o our website ad extesive advertisig i the atioal ad local press. Quick Results The etire process, from istructio to exchage of cotracts, ca be achieved withi as little as six to eight weeks. Our experieced team offers a streamlied service aimed at securig the best price for your property with the least amout of stress. N.B. Auctio properties are sold ucoditioally ie ot sold subject to cotract, subject to fiace or subject to survey. I other words, the successful bidder is legally obliged to complete the sale. By auctio, Allsop offers sellers Guarateed urivalled exposure to the market 15,000 catalogues mailed out each auctio 280,000 property buyers ad ivestors registered olie (UK ad abroad) Advertisig i atioal, trade ad local press for every property Average success rate of early 90%, ie the strog likelihood of a sale o a give day The kowledge that, with a realistic reserve price, the property will achieve the best possible market value The same care, attetio ad thoroughess for each lot Regular auctio sales Competitive fees

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8 Residetial cotacts Useful umbers Catalogue requests (calls are charged at 1.50 per miute at all times) Liste to the auctio live (calls are charged at 75p per miute at all times) Olie Full property details Legal documet dowloads Addeda Updated guide prices Results Live lik to auctio Past auctio results Usold lots Meet the team Gary Murphy Parter & Auctioeer Stuart Gayer Parter Chris Berrima Parter & Auctioeer Jourda Prowtig Parter Richard Adamso Parter Further iformatio If you require further iformatio about buyig or sellig at oe of our auctios, please cotact: Allsop Residetial Auctio Team +44 (0) Wigmore Street, Lodo W1U 1BZ