Property Auctions have become a popular way of buying and selling commercial and residential property.  
A sale is achieved at the drop of the auctioneer's hammer thus avoiding chains, gazumping and delays.

Many people believe that it is only repossessed properties that are sold at auction but this is not the case.
Local Authorities, government bodies and private individuals also sell properties through property auctions.
For the individual requiring a speedy sale it is the ideal method, as exchange of contracts can take place in
the auction room provided the bidding has reached the reserve price set by the seller.

For the buyer, prices often represent better value for money than buying privately, and  often property can be purchased at a lower price than the buyer was prepared to pay.  Once the auctioneer's hammer strikes the table exchange of contracts has taken place and the successful bidder is required to pay 10% of the purchase price immediately by way of deposit.  The completion date is usually 20 working days after the date of the auction, although some sellers do specify a shorter period of time in the auction contract.  The balance of the completion monies is due on the completion date.

There are some drawbacks with buying at an auction.  These include uncertainty whether you will be successful in inspecting and surveying properties prior to auction, and sometimes in obtaining full information in good time.  Because a successful bid means that contracts have been exchanged it is vital that a buyer is certain that the funds required for the purchase will be available by the completion date.  For a buyer obtaining a mortgage this means paying for a valuation survey prior to the auction without the certain knowledge that the bid will be successful.

It is important that you always seek professional advice before buying or selling at auction.  Reeve, Fisher & Sands have great experience in dealing with auction properties, working alongside various auction houses in dealing with both sales and purchases.  We offer a rapid, effective and responsive service for a fixed fee.

When selling at auction we can prepare the Home Information Pack on your behalf.  This will enable the property to be marketed not only through the auction but through an estate agent of your choice should you so wish.  We will obtain your title deeds and prepare the Special Conditions of Sale to be published in the auctioneer's catalogue.  In order to encourage as much interest as possible from potential purchasers, it is important that a full legal pack is prepared and delivered to the auctioneers at an early stage, which we will do.  We will also be as helpful as possible to any enquiries which may be raised by any potential purchasers or their legal advisers.

When buying at auction it is vital that as much preparation is carried out before the auction as possible   Once a bid has been successful and the 10% deposit paid, the penalties for failing to complete are severe, and can mean that the 10% deposit is forfeited.  Therefore, besides organising the survey and finances you should also have the legal pack vetted on your behalf prior to the auction.  We can do this, and advise you of any problems there may be with the legal title or other documents contained in the pack.  We will also advise you if completion is required prior to the usual period of 20 working days.

At the outset of the transaction we will provide you with a full written estimate of not only our fees but also the expenses of the tranaction, whether you are buying or selling.  Our fixed fees are highly competitive.

For further information please contact our specialist:- Mr Martin Lawrence at our Billericay Office.