Opening Times |
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| Mon: | 9:00am - 5:30pm |
| Tue: | 9:00am - 5:30pm |
| Wed: | 9:00am - 5:30pm |
| Thu: | 9:00am - 5:30pm |
| Fri: | 9:00am - 5:30pm |
| Sat: | CLOSED |
| Sun: | CLOSED |
The benefits of selling your property at auction
Speed
There is no faster way of selling a property. The process can take as little as five weeks from instructing us, through to an exchange of contracts. You will likely bank the proceeds of your sale within eight to ten weeks from going to the market
Chance of Success
Auction gives you a greater likelihood of selling your property than by private treaty. Typically Auction House sells around 85% of the lots offered. If you need a certain sale you really should consider the auction route.
No Fall-throughs
Your sale is certain. When the hammer comes down you have exchanged contracts. Your buyer is legally committed and cannot change his mind. You will be much better off than via sale through the normal Private Treaty system, where approximately one third of all sales collapse after they have been agreed.
Higher Profile Marketing
Your property will be advertised regularly in the local press. Your property will be featured in our high quality catalogue, which is mailed to thousands of interested buyers, and extensively promoted on the web. In truth nobody offers more high profile marketing than you will receive locally or nationally from Auction House Leeds Bradford Wakefield.
Open House Viewing Days
We set up special press promoted viewing days for your property. Each is hosted by a member of our Auctions team, who can talk knowledgeably about the potential that your property offers and answer all manner of questions from prospective buyers. It is by talking with these viewers that we can judge interest and help guide you in setting the Reserve Price.
Competitive Bidding Gets You The Best Price
Our aim is to generate interest from two or more prospective property buyers and to encourage them to bid against each other. The process of competitive bidding will help your property to achieve ‘best price’ on the day. Sometimes buyers are so anxious to acquire a property that they put in a very strong pre-auction offer – if in our view, that figure is unlikely to be reached or surpassed in the Auction Room, we will recommend its acceptance under Auction rules, and with a condition that contracts are exchanged at least five working days in advance of the Auction day.
Often properties achieve a sale price at Auction in excess of the Guide Price. Regularly the result is ahead of that which might have been acceptable with a Private Treaty sale, but you can always be sure that it has achieved its Best Price on the day. This is especially important on Probate properties where Executors are required to achieve “Best Price”. When Auction is the chosen sale route then this is guaranteed and also open to public scrutiny.
Continuing Tenancy Income
More and more investment properties are now being sold by Auction, without vacant possession being obtained in advance. By continuing the tenancy the vendor will continue to receive rent until completion date, and the purchaser will start receiving an income from that date onwards. Auction House sells a wide variety of occupied properties – Regulated Tenancies, Houses in Multiple Occupation, Assured Shortholds and others that are let commercially.
No Re-negotiation
With Private Treaty sales a price agreed often isn’t the price you finally receive. With Auction there is no re-negotiation, no discounting to take account of survey findings or any last minute gazundering. With Auction your buyer should have fully researched the property’s condition prior to bidding and cannot reduce the sale price after the hammer has fallen.
Time Scale
If you are in a hurry or have a deadline to meet, then Auction could well be right for you. From the outset you will know the date of the Auction and legal completion will usually be set for 28 days thereafter. This time-scale is fixed and legally binding on the two parties. Financial pressures, and the need to relocate or dispose of a property in a specific time frame, can be easily accommodated and are almost always met with a sale by Auction.
The benefits of buying your next property at auction
Chance of a Bargain
Auctions really still can offer the chance of a bargain. It is just as true of property auctions as it is for furniture and antiques. There is an abundance of TV programmes that will confirm this and they clearly demonstrate the public’s attraction to the Auction process. Not every type of property is suitable for Auction, but if you are interested in any of those types that are described below, then read on and get looking for a bargain.
Certainty of Success
If your hand is up when the hammer comes down then you will have exchanged contracts and the property will be yours. No one will be able to step in and take it away from you; there will be no chance of the seller changing his mind, someone gazumping you, or a break occurring somewhere in the chain of transactions. You will have bypassed that anxious, uncertain period which Private Treaty buyers experience, between agreeing a purchase and getting to an exchange of contracts.
Speed
If you want to buy an Auction property the process is quick and easy. There is a fixed, known time-scale at the very beginning – the Auction date is set and the period from then to completion, which is usually 28 days, is stated in the Special Conditions of Sale. You know how long you have got to evaluate the property, obtain advice and expert opinions, and determine your maximum bid price.
No Hidden Surprises
Auction House, in conjunction with sellers’ solicitors, aims to make available all relevant documentation from Searches and Leases on tenanted property through to Planning Permissions and Scheme Layouts for development plans. They should all be easily accessible and often downloadable from our website and we will be happy to provide an explanation and give general guidance too, should this be required. We will also put your Solicitors in direct touch with those of the seller and the appropriate Authorities.
Level Playing Field
Everyone has an equal chance at Auction, it isn’t a first come, first served arrangement. Most properties entered into Auction are sold under the hammer. That shouldn’t stop you putting in a pre- Auction bid if you are very keen on a particular Lot. For it to be accepted, it would need to be a very strong bid, and at a level that might not be reached by competitive bidding in the Room.
Right Property and Right Purpose
You will be interested in a specific Auction property because it is right for you and you will want it for a specific purpose. Sometimes for your own occupation or use, other times as a project or an investment. You will already know why you want it – your purchase will likely be part of a bigger plan, either financial, family or business related. Auction often offers the opportunity that you have been thinking about and the urgency it brings could persuade you to commit to that plan.
Competitive Bidding
Often buyers get a property knocked down to them at a lower price than they were willing to bid and, by doing so, will purchase at less than would have been the case by Tender or Invited Offer. What is more, buyers will have the reassurance that other bidders share the same opinion of a property’s value as they do and you only have to be one bid ahead of your competitor or get to the reserve price to be successful.
Immediate Tenancy Income
If you buy a tenanted property you will start receiving rental income from the day of legal completion. Your investment starts delivering from the moment you take ownership and you can factor this into your evaluation of its return. The legal benefits of the Tenancy Agreement will pass over to you along with the responsibilities that it contains.
Temporary Financing
Nowadays there are specialist short-term lending options available that will enable you to complete with temporary funds, prior to your preferred long-term mortgage being put in place. Auction House is able to introduce you to specialists who work in this field, or to their own in-house Financial Advisor who can set up a conventional mortgage to support your bid.
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Registered office: Leigh House, 28-32 St Pauls Street, Leeds, LS1 2JT United Kingdom Registered in England No: 2546381
Registered office: Leigh House, 28-32 St Pauls Street, Leeds, LS1 2JT United Kingdom Registered in England No: 2546381