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MODERN AUCTIONS BY NICHOLAS BONFIELD

14th April 2017

 

Modern Auctions by Nicholas Bonfield

 

Nicholas Bonfield discusses the now modern auction methods that are becoming increasingly popular for selling your property and land, in this internet lead marketing.

The auction market has changed considerably over recent years and although there is still the traditional ‘live auction’, (which we can arrange too) with auctioneer at the front of the room with interested buyers, there is now a more modern method of online auctions, this can be a great way of auctioning a property very quickly or being able to expose to a wider audience of up to 40,000 registered buyers, so how does it work?

Property particulars are produced in the normal way, but the difference being that a legal pack contract is also produced.  The property is placed on the internet and through the auction house website and period is set of generally around 30 days to expose to the market, viewings then take place or in some cases, some buyers bid ‘blind’ and like a live auction, bids that are received are publicised, as the Auction progresses. So long as a bid has been received that matches or exceeds the reserved price, the property is either conditionally or unconditionally exchanged deposit paid up to 10% with an agreed set completion date, normally within 28 days or if conditional even up to 3 to 6 months.

Why use this method? It is quick, efficient, a definite timescale is set and general certainty is guaranteed, it also widens the scope for a sale from would be buyers that have only registered for auction properties, the typical type of properties considered are vacant, investment properties, sales fallen through, probate, divorce, recent price reduction, rare properties, high demand, commercial property, land or properties with structural issues are generally the ones that are considered.

What are the costs? It is not unusual with these types of auctions for the buyer to actually pay the fee, however, the set-up costs for the legal pack is approximately £200.00 + vat or can be deferred at £295.00 + vat, at the end of the process.

Nicholas Bonfield has partnered with one of the leading auction houses in the country, SDL Auction Partners, to offer this unique method of sale and feel confident that now offers a modern equivalent to a ‘wait and see’ process that has no time restraints.

‘The Midlands’ region, where we are based leads the way this year on price risers with East Midlands up by 2.1% in March and 5.7% year on year, surpassing £200,000 for first time buyers.

If you are therefore thinking of selling and would like more information on this process, please contact Nicholas Bonfield on 01509 323232 or email: nicholas@nicholasbonfield.com for more information.