Ramsbottom: 3 reasons to pack your bags and move here!
At Pearson Ferrier, we’ve dedicated over a quarter of a century to helping families discover their ideal homes in the uniquely charming town of ...
What is involved in selling my property at auction?
If you are looking to sell your property at auction you may have questions on the process and not fully understand what is involved. At Pearson Ferrier Auctions we are here to help with any questions that you may have. Whether you are looking to auction land or property, we will try to cover any questions which you may have below.
Will I be selling my house for less at auction?
When selling at auction you set a reserve price, below which a property cannot sell. This means that your property cannot sell for less than that figure, but can sell at any figure above. This gives you peace of mind that the property cannot sell below the figure that you have set. With land and property auctions the negotiating is done between the buyers, meaning that rather than dealing directly with the buyer and them trying to drive the price down, the bidders bid against each other pushing the price up, to achieve the best price.
Is my property suitable for auction?
All types of properties are suitable for auction, however some properties will perform better than others. Properties or land that are likely to attract cash buyers are better to auction, as there is a wealth of buyers at auction including local, national and international buyers. The more bidders on your property the better, ensuring that you get the best price for your property at auction. Individual one-off properties also do well at auction, as they can be difficult to value and in the auction, they always attract good interest. This means that with a good level of bidders, it will find its value at auction.
Can I sell my tenanted property?
Auction is the preferred method for people selling tenanted properties. Selling a tenanted property at auction will mean that the tenant can stay in place, meaning that you will receive the rental income until the property is sold. With many auction buyers being buy-to-let investors, many prefer tenanted properties as they get income from their investment from the day of completion.
Do I need a legal pack?
You do need a legal pack when selling at auction, many people think this can be a long drawn-out process. This is not the case. For you as a seller, this is very straightforward. You would just need a conveyancing solicitor to prepare the pack for you. If you don’t have a solicitor we can put you in touch with one. They would prepare the majority of the legal pack and you would just need to fill in the standard fixtures and fittings form and property information form as with a normal sale. The solicitor would prepare the other elements involved with the legal pack. The legal pack is then made available to prospective bidders before the auction. At the auction contracts are exchanged with no further enquiries, making the sales process stress-free for you as a seller. Following the auction you just need to sign the transfer document to complete the sale which takes place within 28 days of the auction. This means that you will get a fast, stress-free sale on your property.
Do I pay to sell my property at auction?
Pearson Ferrier Auctions do not charge an entry fee to put your property or land into auction. The process is no sale no fee, with a fee only charged on successful completion. This means that for you as a seller there is no cost should your property not sell.
What areas do you cover?
Pearson Ferrier Auctions are based in Bury, but we will look at all areas for auction and in the past year we have had auction properties in Ramsbottom, Manchester, Birkenhead, Bolton, Accrington, Bacup, Burnley, Ashton Under Lyne, Heywood, Bradford, Oldham, Radcliffe, Bury, Rawtenstall, Whitefield, Prestwich, Droylsden, Ashton In Makerfield, Rochdale, Moston, Leigh and Weir. Wherever your property or land is that you are looking to auction, then please contact our auction team who will be happy to assist.
How fast can I sell my property?
Providing the reserve price is met on the day, exchange is immediate with completion taking place within 28 days. Auction is the fastest way to sell your property for the best price.
Many people watch homes under the hammer (which you may have seen our team on), but do not fully understand the auction process. We hope the above helps, but should you have any questions on auctions our team are always happy to help. Please call us on 0161 764 4440, or email auctions@pearsonferrier.co.uk
