Buying and Selling FAQs

In reality the properties that do best at auction are properties requiring updating, modernisation, full development, or are just problematic. Other properties may also be suitable for auction, but we will advise as to its suitability or whether the property would be best suited with Resi.Auction or with a conventional Estate Agent.

A guide price may be a single figure amount or it may be a guide range, eg. £250,000 – £280,000. The guide price is not the reserve price nor is it necessarily the ultimate sale price achieved, although it may sometimes turn out to be.

A reserve price is the minimum price you are prepared to sell the property for on auction day, there are rules and this can’t be too far away from the guide price. We will discuss this with you and advise you as to the levels of interest you have had during the marketing process, including how many people have viewed the legal pack and how many registered bidders are signed up for auction day.

We will prepare comprehensive information for each property‭, ‬including pictures and videos‭. ‬We will send our digital catalogue‭ ‬out to our mailing list of over 200,000‭ ‬registered parties and utilise the Portals incorporating Rightmove, Zoopla and Essential Information Group‭, ‬so you don’t just create interest from the local market‭, ‬but from national and international buyers‭, ‬investors‭, ‬developers, as well as owner‭ ‬occupiers‭.‬

As part of the Anti-Money Laundering regulations we require a proof of identity‭ ‬‮–‬‭ ‬further information can be found on the Government Website‭, ‬this can also be done using Credas and we will send you a link at the appropriate time.

We will start the auction at approximately 9.30am and continue until all properties have been offered in a numerical order starting with Lot number 1‭ ‬upwards‭. ‬As the seller you don’t have to do anything‭, ‬you will leave that in our safe hands and we will invite bids for the property‭. Once we’ve received all bids we will call it 3 ‬times and on the third time the Gavel will fall‭ (‬hammer‭).

‬Once the hammer falls it becomes a binding contract and as the seller‭, ‬you are legally bound to complete the purchase‭, ‬the buyer is legally obliged to place a 10%‭ ‬deposit with us and completion of the transaction will be 6‭ ‬weeks or 30‭ ‬working days thereafter.

Resi.Auction will only earn on a successfully sold property, there are no costs or charges to the seller in the event a property fails to meet its reserve.

Our standard fees are 1.5% subject to a minimum fee of £2,500 plus VAT plus VAT and we would advise you to recover those costs via the special conditions of sale.  All successful buyers will be charged £1,750 + VAT administration fee, which will cover our costs and valuations where required. All solicitors dealing with the sale of the property will be advised if necessary as to how to write the buyers fee into the special conditions of sale.