There are many things to consider when selling a property at
auction.
We have put together some key essential points to consider to
help sell your home.
Choosing your Auctioneer
Your choice of auctioneer is very important.
- By using a NAVA member, you can feel safe in the knowledge that
you are dealing with a professional.
- Membership of NAVA is through formal qualification to ensure
that NAVA valuers and auctioneers have the experience and knowledge
to provide a first class service to you, the client.
- Using the find an auctioneer/valuer search on NAVA's website or
by contacting NAVA, you will be able to locate a first class
property auctioneer.
- Your auctioneer choice will need to take into account whether
the property will sell best through a local, regional or national
sale. This in turn will depend on whether the type of property or
its price is likely to attract local or more distant buyers.
What happens next?
Once you have made your choice of auctioneer, you will need to
go through the following procedure.
- Arrange to meet the auctioneer at the property so you can
discuss it properly. Make sure you understand the auction process,
and the costs involved, such as commission charges and expenses and
particulary any charges that may become due if the property doesn't
sell.
- Ask the auctioneer to explain how and when the reserve price is
set. This is the minimum price at which the property can be sold at
auction. The auctioneer should also explain the price guide (the
indication of the likely sale price) which is given to anyone
interested in the property, and it's relation to the reserve
price.
- Obtain written confirmation of the 'Terms of Business' from the
auctioneer, which should cover all aspects of marketing the
property.
- You will then need to instruct your solicitor and inform them
that the auctioneer will be in touch. Check how much your legal
costs are likely to be and when they will be payable.
- Once the marketing of the property has begun, the auctioneer
should report any offers he receives and any adjustments made to
the price guide.
- You do not need to attend the auction, as the auctioneer can
sign the contact on your behalf and compelte the legal
formalities.
- As with private treaty sales, you will need to vacate the
property on completion.