Auction Methods Explained

Live Auctions

We hold Auction events approximately every month. We market entries for 4-5 weeks leading up to each Auction date. With a successful sale, we exchange legally binding contracts on the night and take a 10% deposit. Completion then takes place 28 days later.

Our fees for this option are an entry fee of £500 + vat (£600 inclusive). Upon a successful sale there would be a further 3% + vat of the sale price to pay or a minimum of £2,000 + vat (£2,400 inclusive). If the property does not sell, the entry fee is all you would pay to Hunters.

The next live event taking entries is scheduled for Wednesday 30th May 2018 at York Sports Club.

 

Online Auctions

This option offers your property for sale by the ‘Modern Method of Auction’. Entries are marketed on all major property websites for 5 weeks leading up to a virtual Auction date.  Bidders register to bid in advance and if a buyer is successful, they pay a reservation fee to secure the property, which is 3.5% + vat of the sale price or £5,000 + vat (whichever is higher).

This means you do not pay any agency fees. This option is not quite as secure as the buyer has 28 days to exchange contracts. However, if they do not exchange contracts, they lose their reservation fee.

We are quite flexible on dates with this option as everything is online. There is no live event to organise.

 

Additional Information

For either option, the guide price would need to be attractive enough to generate lots of interest. The more interest we have, the higher the number of potential bidders competing with each other.

Should you decide to sell by Auction, a legal pack would be required so that buyers can make an informed decision prior to placing their bid. This is arranged by a solicitor and includes documentation such as the sale contract, searches and land registry plans. Our legal team can prepare a legal pack from as little as £300.

For further information, please contact Gemma Jaques, our Auction Manager on 01904 756116 or email: auctions@hunters.com